NEW DELHI: India's Reliance Industries Ltd on Friday announced a US$1.5 billion stake sale in its digital unit Jio Platforms, a third deal in little over two weeks that will inject a combined US$8 billion in the telecoms-to-energy group to help it pare debt.
The deal comes after Reliance cut a US$5.7 billion deal with Facebook for a 9.99per cent stake in Jio Platforms on April 22, and just days after it secured a US$750 million investment from private equity firm Silver Lake. The negotiations between Reliance and Vista were built off of personal connections made between the private equity firm's founder Robert Smith and Ambani, a person familiar with the matter said.The discussions were led by Ambani's close aide Manoj Modi and Brian Sheth, co-founder of Vista who is half-Indian and whose father hails from Ambani's home state of Gujarat, the source added.
Ambani is set to roll out a new retail venture, which combined with Jio and interests in education, music and films, could pose a challenge to established e-commerce firms such as Amazon and Walmart's Flipkart.
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