These might be tough times for the current businesses and given the rather strenuous times we are operating amid. But that does not mean that the currently-enforced lockdown situation can or will hamper anything that’s concerned with Mukesh Ambani’s Reliance group.
In fact, to hit the nail hard, there’s hardly anything that’s even concerning for Jio, which happens to be the most captivating force of the entire Reliance machinery.
Where it stands at the moment then Reliance’s Jio and General Atlantic are in close business co-operation. In what comes as a major fund-raising streak for Reliance’s Jio Platforms ltd., one of India’s most prominent billionaire’s Mr. Mukesh Ambani happens to have sold a massive stake in his Jio business to the famous American private equity fund.
The valuation of this business deal measures to a whopping $873 million ( in US dollars), just to indicate the size of what seems an incredible alliance between two diverse establishments.
Overall, the deal boils down to the following:
One of the United States of America’s most noted Private Equity firms is all set to acquire a 1.3 percent stake in Mukesh Ambani-led Jio. Now while the business alliance has only been formed recently, it was first reported by the revered Bloomberg news platform.
For the longest time, the aim of the Jio digital business, as purported by the mega business group has been to simply revolutionize the way in which India consumes the world wide web. The essence, therefore, has been on digital empowerment.
That being said, the aforementioned is pretty much the key essence that was reflected by the corporate honcho Akash Ambani, who’s serving in his current capacity as the Director of Reliance Jio (and is the son of chairman Mukesh Ambani).
This was understood by a heartfelt conclusion by Mr. Akash Ambani, “We are delighted that a renowned global investor like General Atlantic is partnering with us in our journey to digitally empower India and Indians.”
But that being said, there happens to be another important aspect of the current business deal. There was an increased sort of pressure on Mukesh Ambani to clear off some debts at the Reliance group before what can only be called a strenuous timeline.
It is common knowledge in the public domain that Mr. Mukesh Ambani has been working actively to get rid of a massive sum of debt that weighs in at $20 billion worth of net debt on the Reliance group, an equation that seemed to be a looming threat given the March 2021 deadline (to clear off the debt).
Here’s more information on the developing story from the stable of NDTV:
Mukesh Ambani, 63, formed Jio Platforms by combining the conglomerate’s digital apps and wireless carrier, Reliance Jio Infocomm Ltd., into a holding company.
Started in 2016, the carrier is now India’s largest after storming past rivals by building a nationwide 4G network, then offering free calling and data services at prices established competitors with older networks could not match without losing money.
That being said, the only observation one can make is that no matter how grave an economic situation or how serious a medical anomaly out there, it’s always buzzing aloud in Reliance businesses- right!