Connect with us

Business

KKR picks up 2.32% stake in Mukesh Ambani’s Jio Platforms for Rs 11,367 cr

Published

on



Jio Platforms, the digital services subsidiary of Reliance Industries (RIL) is selling a 2.32 per cent stake for Rs 11,367 crore to KKR. The transaction, announced on Friday, values Jio Platforms at an equity value of Rs 4.91 trillion and enterprise valuation of Rs 5.16 trillion. This valuation is similar to the deals announced over the last two weeks with Vista Equity Partners and General Atlantic. The cumulative investments of the five deals announced so far is Rs 78,562 crore for a 17.1 per cent stake. For KKR, which has investments in Avendus

Advertisement


Capital, Bharti Infratel, Coffee Day Resorts and Max Financial Services, this is its largest investment in Asia.



ALSO READ: Uptick in ARPU helps Bharti Airtel trump Reliance Jio in Q3 numbers

Advertisement


The investments are expected to help RIL reduce its debt and expand its digital offerings. RIL had a gross debt of Rs 3.36 trillion at the end of the March quarter and a net debt of Rs 1.61 trillion. The stake sale in Jio Platforms, coupled with the rights issue, fibre investment trust and the Aramco deal is expected to help the company become debt free by the end of FY21.

Advertisement


Deepak Jasani, Head Retail Research, HDFC Securities said that a range of diverse marquee investors lining up to buy small stakes speaks volumes about the business model and promoters’ capabilities. The deals will help RIL reach debt free status soon, he added. HDFC Securities believes that RIL might stop further stake sales once the deals hit the 24.99 per cent mark over the next few weeks.


ALSO READ: RIL says core business has got ‘demand-side shock’ due to coronavirus

Advertisement


Commenting on the deal, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “We are looking forward to leveraging KKR’s global platform, industry knowledge and operational expertise to further grow Jio.”


Henry Kravis, Co-Founder and Co-CEO of KKR believes that few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing it in India.

Advertisement

Advertisement

(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

Passionate news enthusiast with a flair for words. Our Editorial Team author brings you the latest updates, in-depth analysis, and engaging stories. Stay informed with their well-researched articles.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Net Worth

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Published

on

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Who is Pavel Durov?

Pavel Valeryevich Durov, born on October 10, 1984, is a Russian entrepreneur renowned for founding the social networking site VK and the Telegram Messenger. He is the younger sibling of Nikolai Durov. After stepping down as CEO of VK in 2014, Pavel, along with his brother, led a nomadic lifestyle in self-imposed exile, holding citizenship from Saint Kitts and Nevis. He is recognized for his contributions to the tech industry and his advocacy for user privacy.

Pavel Durov Career?

Durov’s journey in the tech industry began in 2006 when he co-founded VKontakte (VK), inspired by Facebook’s success. Under his leadership, VK flourished, reaching a valuation of $3 billion. However, conflicts with Russian authorities over user data led to his departure from VK in 2014. Subsequently, he focused on Telegram, emphasizing privacy and security, earning him acclaim as a tech visionary.

Pavel Durov’s Net Worth

As of 2024, Pavel Durov’s net worth is estimated to be an impressive $17 billion. His wealth stems from his pioneering work with Telegram and VK, propelling him into the upper echelons of the tech industry. Durov’s success serves as an inspiration for aspiring entrepreneurs worldwide.

Advertisement

Pavel Durov Age?

Pavel Durov, born on October 10, 1984, is currently 39 years old. Despite his relatively young age, he has achieved remarkable success in the tech world, demonstrating his entrepreneurial prowess and innovative thinking.

Pavel Durov Family: Parents

Pavel Durov’s father, Valery Semenovich Durov, is a distinguished academic with a Doctorate in Philological Sciences. His grandfather, Semyon Petrovich Tulyakov, was a decorated World War II veteran. Durov’s family background reflects a tradition of intellectual and academic excellence.

Pavel Durov Height and Weight

As of 2024, Pavel Durov stands at 5 feet 10 inches (178 cm) tall and weighs approximately 163 pounds (74 kg). His physique, along with his intellect and entrepreneurial acumen, contributes to his charismatic presence and success in the business world.

Advertisement

Also Read: Nasser Al-Khelaifi Net Worth 2024: How Much is the President of Paris Saint-Germain Worth?

Continue Reading

Business

Wow! Momo secures Rs 70 crore funding from Z3 Partners for expansion

Published

on

By

Food chain Wow! Momo raises Rs 70 crore from Z3Partners

Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.

CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.

Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.

Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.

Continue Reading

Business

UP now boasts the largest number of Geographical Indication-tagged items in the country.

Published

on

By

UP now has the most GI-tagged items in the country

Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.

The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.

Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.

The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.

Continue Reading

Trending

This will close in 10 seconds