Reliance Jio has recently sold its stakes to 10 global companies, and it has also received approval from all regulatory authorities for its deal with Facebook. In fact, the operator has announced that it has already received Rs 43,574 crore from Facebook for selling a 9.99 percent stake.
"We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company (Reliance Industries), today received the subscription amount of Rs. 43,574 Crore from Jaadhu Holdings, LLC (a wholly-owned subsidiary of Facebook Inc)," Reliance Industries said in a notice to the Bombay Stock Exchange.
The announcement comes two weeks after the Competition Commission of India cleared the deal. For the unaware, this is one of the largest deals in the country, where the US-based social media platform has invested Rs. 43, 574 crore for less than 10 percent stake.
The main reason behind this deal is to offer digital platforms to all small and medium enterprises, small farmers, and merchants. Besides, Jio platforms, WhatsApp, and Reliance Retail have also joined hands from JioMart.
Intel Capital To Buy 0.39% Stake
Meanwhile, Intel Capital has also shared that it is buying 0.39 percent in Jio worth Rs. 894.50 crore. "Intel Capital joins the list of marquee firms who have recently invested in the Platforms, taking the total investment amount to Rs. 117,588.45 crore," Reliance Jio said.
Apart from Facebook, these investors have invested in Jio Platforms. The list includes Silver Lake, General Atlantic, Abu Dhabi's two largest sovereign investment arms, Abu Dhabi Investment Authority and Mubadala, Vista Equity Partners, TPG, L Catterton, KKR, Saudi Arabia's Public Investment Fund (PIF), and Intel Capital.
The stake sales deal was a part of Reliance Industries' dream to become debt-free as soon as possible. However, last month RIL shared that it has become net- debt-free. So, we believe that Reliance Jio will soon get approval for all as deals less than 10 percent need to go through only one procedure, i.e. CCI.