Reliance Jio Might Get Rs. 7, 536 Crore Investment Soon: Report

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Reliance Jio is likely to get another investment this week. The Middle Eastern sovereign wealth fund is in advanced talks with Reliance Jio. The firm is likely to invest Rs. 7, 536 crore for the minor stake. This means this will be the sixth company that will put money in the Jio platforms.

Reliance Jio Might Get Rs. 7, 536 Crore Investment Soon: Report

 

Besides, the Abu Dhabi Investment Authority and Saudi Arabia's The Public Investment Fund might invest in India's largest telecom operator, reports Bloomberg. So far, Jio has raised Rs. 78, 562 crore from five US firms, such as Facebook, Silver Lake, Vista Equity Partner, General Atlantic, and KKR. However, all the deals need to go through regulatory approval.

Meanwhile, Facebook and Reliance Jio have filed for CCI approval. The $5.7 billion needs to get approval from all bodies to complete the transaction. The social media giant has recently announced that it is buying a 9.99 percent stake in the Jio platform. Both companies in the filing said that "There is no significant horizontal overlap in either of these extremely dynamic segments, characterized by low entry barriers, ease of entry and switching, and a large number of competitors."

Facebook New Entity Jaadhu Holdings LLC Will Acquire Stake In Reliance Jio

In fact, Facebook has formed a new entity called Jaadhu Holdings LLC to buy the stake. The company has shared this information in its application in CCI. "Jaadhu is an indirect wholly-owned subsidiary of Facebook. Jaadhu is a newly incorporated company formed in March 2020... As on the date of the Notification Form, Jaadhu is not engaged in any business in India or anywhere in the world," the application said.

For the unaware, Reliance Jio has partnered with WhatsApp for the JioMart, and the former has assured that both will operate separately. "The Proposed Transaction and the Proposed Commercial Arrangement are pro-competitive, benefits consumers, Kirana (corner) stores and other small and microlocal Indian businesses, and take forward the vision of digital India," the application added.

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