India's Reliance Industries Ltd said on Friday private equity firm Vista Equity Partners would invest 113.67 billion rupees ($1.5 billion) in its digital business unit for a 2.32% stake, in a boost to the conglomerate's effort to pare debt.
FILE PHOTO: A woman rides her scooter past advertisements of Reliance Industries' Jio telecoms unit, in Ahmedabad, India, July 5, 2018. REUTERS/Amit Dave
The investment values Jio Platforms, which houses telecoms venture Reliance Jio Infocomm and other digital businesses, at an equity value of 4.91 trillion rupees and enterprise value of 5.16 trillion rupees, Reliance said. It will help the energy-to-telecoms giant, controlled by billionaire tycoon Mukesh Ambani, meet its target to eliminate $21.4 billion of net debt by the end of the year.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Joe Wicks' P.E class sent into chaos by his daughter IndiaJoe and Rosie Wicks' daughter Indie was unable to resist getting in on The Body Coach P.E class on Wednesday
Read more »
Struggles in India, Brazil, US show virus fight far from wonBANGKOK (AP) — Even as countries moved forward Wednesday with easing their coronavirus restrictions and restarting their economies, a large cluster of infections linked to a market in India and...
Read more »
India now has 52,952 cases of coronavirus, death toll 1783: health ministryThe number of coronavirus infections rose to 52,952 in India, up by 3,561 over the previous day, the health ministry said on Thursday, with no signs of abating despite a strict weeks-long lockdown in the world's second most populous country.
Read more »
Gas leak at LG Polymers plant in India kills six, over 120 hospitalisedA chemical gas leak at an LG Polymers plant in southern India on Thursday killed at least six people, and led to more than 120 people being admitted to hospital and the evacuation of three nearby villages, a local official in Andhra Pradesh state said.
Read more »
As India Reopens Liquor Stores, Customers Line Up — But Overcrowding Forces ClosuresWhen India's liquor stores reopened for the first time in nearly 6 weeks, lines formed at dawn — and stretched over a mile in some places. That posed infection risks, leading some states to reverse the decision.
Read more »