After FB, more global cos point to Jio's participation: RIL
MUMBAI: a week later Trusted industries () signed an agreement to sell 9.9% for Rs 43.574 crore, the company said on Thursday that it also received a show of interest from other global investors for a transaction of similar size.
This establishes the appeal of the platforms to the world and is a strong validation of RIL's ability to conceive innovative large-scale businesses, the company said. RIL launched Jio Platforms___described by the President Mukesh Ambani as the world's largest startup in 2016.
Facebook's investment, assigning a rating of Rs 4.62 lakh crore to Jio Platforms, will become a benchmark for any additional stake sales in the Indian digital services company. RIL's plan is to eventually list Jio platforms on the stock exchanges.
An additional sale of Jio Platforms shares will help RIL further reduce its debt from Rs 3.36 lakh crore. The company's ongoing capital raising programs, aimed at raising Rs 1.04 lakh crore, are primarily aimed at debt reduction and are expected to be completed by the end of this quarter. The fundraiser covers Facebook's investment in Jio Platforms, Rs 53,125 rupee offering and Rs 7,000 million investment by British Petroleum instead of a stake in the fuel retail joint venture.
RIL acquired large amounts of debt during its aggressive expansion in the telecommunications sector that saw many players emerge. Jio, with its free cheap voice and data plans, is now the nation's largest mobile service provider with 388 million subscribers. The digital business recorded an operating profit of Rs 14,363 crore on an income of Rs 68,462 core in fiscal year 2020.