Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020
News Every Day |

General Atlantic Pours More Cash Into Reliance Industries

General Atlantic, a New York-based global growth equity firm, announced it will invest 3,675 crore into RRVL, a subsidiary of Reliance Industries in Mumbai, India. 

General Atlantic’s investment represents a 0.84 percent equity stake in RRVL on a fully diluted basis, the company said. The Sept. 30 announcement follows General Atlantic’s 6,598 crore investment in Jio Platforms, a Reliance subsidiary that operates India's largest mobile network.

In May, General Atlantic closed an $870 million deal for a 1.3 percent stake in Reliance Jio, the digital subsidiary of Reliance Industries. That deal put Jio’s valuation at $65 billion, according to the Financial Times.

“General Atlantic shares Reliance Industries’ foundational belief in the power of technology to foster transformative growth, and we are excited by the immense potential of the full Reliance ecosystem,” said William Ford, General Atlantic’s CEO, in a statement. “We are honored to again be partnering with the Reliance team to meaningfully accelerate India’s position in the global digital economy.”

The transaction is subject to regulatory approvals.

General Atlantic said it has gained a reputation for backing startups including Airbnb, Alibaba, Ant Financial, ByteDance, Facebook, Slack, Snapchat, Uber Technologies Inc. and other tech firms.

“We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive new commerce platform to redefine retail in the country,” said Mukesh Ambani, chairman of Reliance Industries, in a statement. 

Last week, Reliance asked suppliers to produce up to 200 million low-cost versions of its Jio smartphones over the next two years, Bloomberg News reported. The news service said the company would offer the phones to customers for as low as about $54 if they sign up for Reliance Jio phone service.

“We are, of course, trying to build our domestic companies. We have a sweet spot in entry-level phones,” Pankaj Mohindroo, chairman of the India Cellular & Electronic Association, a trade group, told Bloomberg.

Also this month, Reliance offered to sell a $20 billion stake in its retail division to Amazon. Bloomberg News reported that Ambani is willing to sell up to a 40 percent stake to the world’s largest retailer. The news service reported that Amazon has held talks about investing in its unit and wants to negotiate a potential transaction.

Read also


Mel B. Asks To Increase Eddie Murphy's $25K Monthly Child Support: Report

Ivory Coast votes for president in test of political stability

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here