Mukesh Ambani richest Indian in Forbes billionaires list
The business tycoon retained his position as both India's and Asia's richest person and as the ninth richest person in the world.
After receiving slew of investments worth more than $10 billion from marquee investors in the last one month, Reliance Industries‘ is closely working with banks on early preparations for an overseas listing of its digital arm, Jio Platforms, reports stated on Wednesday.
As per a Bloomberg report, the offering could take place in next 12-24 months.
Another report on Business Standard quoted a source privy to the matter as saying, the work in this regard may begin after the Reliance Industries “sells 20-25 per cent in Jio Platforms and the government issues direct listing guidelines.”
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Over the past month, Reliance Jio received more than $10 billion investments from major five global players. Last week, KKR & Co. became the latest investor to put $1.5 billion in Reliance Industries’ digital arm for its 2.32 per cent stake.
Prior to this, Jio Platforms received investments from-Facebook ($5.7 billion for 9.99 per cent stake); Silverlake ($750 million for 1.2 per cent stake); Vista Equity Partners ($ 1.5 billion for 2.3 per cent stake); General Atlantic ($870 million for 1.34 per cent stake).
Investors such as Saudi Arabia’s Public Investment Fund is also expected to pick up minority stakes in the digital platform.
As of now, Reliance has not made any official comments on the issue.
Reports suggest Morgan Stanley may be appointed as the lead banker to manage company’s abroad listing.
Over a year ago, Reliance Industries’ chief Mukesh Ambani had said that he was targeting to list Reliance Jio and Reliance Retail in the next five years.
Launched in 2016, Reliance Jio is now India’s largest wireless carrier. The operator surpassed its peers by building a nationwide 4G network, then offering free calling and data services at a meagre amount that placed its rivals at a risky situation, where they had to lose money to maintain a tough competition.
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