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Reliance's Jio Financial falls 5% in market debut, valued at $19 bln

Reuters · 1y ago

Reliance's Jio Financial falls 5% in market debut, valued at $19 bln

Shares of India's Jio Financial Services (JFS) , carved out of billionaire Mukesh Ambani-led Reliance Industries , fell as much as 5% in their trading debut on Monday, valuing the company at 1.58 trillion rupees ($19 billion).

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Adani Group, Reliance in pact for fuel distribution

Economic Times

Economic Times · 1m ago

Adani Group, Reliance in pact for fuel distribution

Reliance Industries and Adani Group announced a collaboration for fuel distribution. The agreement includes Adani Group's select outlets offering Reliance's Jio-bp petrol and diesel, while Jio-bp stations will host Adani Total's CNG units. This partnership aims to enhance infrastructure and customer experience by leveraging each other's facilities. It follows Reliance's earlier strategic investment in Adani Power. With extensive networks, both companies will offer high-quality fuels across existing and future retail locations.

Saudi Arabia eyes stake in $30 bln Indian Premier League

Reuters · 1y ago

Saudi Arabia eyes stake in $30 bln Indian Premier League

Saudi Arabia is reportedly interested in purchasing a stake worth billions of dollars in the Indian Premier League (IPL), the world's wealthiest cricket league. During Crown Prince Mohammed bin Salman's visit to India in September, discussions were held with Indian authorities about moving the IPL to a holding company valued at up to $30 billion. The Kingdom offered to invest around $5 billion in the league and assist in its expansion into other nations. The Board of Control for Cricket in India has not yet commented on the matter.

India's Reliance Retail in $1.5 bln Gulf, Singapore funds talks -sources

Reuters · 1y ago

India's Reliance Retail in $1.5 bln Gulf, Singapore funds talks -sources

Reliance Retail, India's largest retailer, is reportedly in discussions with existing investors, including Singapore's GIC, Abu Dhabi Investment Authority (ADIA), and Saudi Arabia's Public Investment Fund (PIF), for combined new investments totaling around $1.5 billion. This initiative is part of Reliance's goal to raise $3.5 billion by the end of September. The investors are looking to invest at least $500 million each in Reliance Retail at a valuation of $100 billion. Reliance Retail has witnessed significant growth and expansion in recent years, with investments from various stakeholders.

Jio Financial-BlackRock applies for mutual fund licence with SEBI

Livemint

Livemint · 1y ago

Jio Financial-BlackRock applies for mutual fund licence with SEBI

Jio Financial Services and BlackRock have applied for a mutual fund license with the Securities and Exchange Board of India (SEBI). The application, which was submitted on October 19, is currently under consideration. Jio BlackRock aims to bring affordable and innovative investment solutions to millions of investors in India through a digital-first approach.

Nvidia-backed CoreWeave's shares open nearly 3% lower in market debut

Economic Times

Economic Times · 4m ago

Nvidia-backed CoreWeave's shares open nearly 3% lower in market debut

CoreWeave, an AI infrastructure firm backed by Nvidia, had its shares open nearly 3% below the initial public offering price in its Nasdaq market debut. Despite this slight dip, the company was valued at $22.7 billion on a fully diluted basis.

Indonesia's Indosat set to launch stake sale in $1 bln fibre business, sources say

Reuters · 1y ago

Indonesia's Indosat set to launch stake sale in $1 bln fibre business, sources say

Indonesia's Indosat Ooredoo Hutchison (IOH) is planning to sell a minority stake in its fibre business, possibly valuing it at over $1 billion. Interested parties include global infrastructure and financial investors, as well as strategic firms looking to expand their telecommunications business. The stake size has not been determined yet, and the sale may not proceed depending on market conditions. Citigroup has been hired to manage the sale. This move comes as digital infrastructure assets gain investor interest in Southeast Asia, with Indonesia's economy expected to grow by 5% this year.

Bitcoin falls by 5% at $84,201

Economic Times

Economic Times · 5m ago

Bitcoin falls by 5% at $84,201

Bitcoin, the leading cryptocurrency by market value, experienced a 5% decline, falling to $84,201 on Wednesday at 21:56 GMT. In contrast, Ether, the second-largest cryptocurrency, recorded a slight increase, gaining 1.58% as of 22:06 GMT.

Jio In Talks To Use Meta’s VR Software For A Potential VR Device

Inc42 · 1y ago

Jio In Talks To Use Meta’s VR Software For A Potential VR Device

Reliance's digital arm, Jio, is in talks with Meta to use its Horizon VR software for Jio's upcoming VR device. This is part of Meta's strategy to expand the use of Horizon OS and establish it as a leading platform for VR, AR, and mixed reality devices. Jio had previously released a VR headset called JioDive and smart glasses named JioGlass in October 2021.

BofA pegs Jio Platforms’ valuation at $107 Bn, sees robust growth in 2024

Inc42 · 1y ago

BofA pegs Jio Platforms’ valuation at $107 Bn, sees robust growth in 2024

According to a note from BofA, brokerage firm, Mukesh Ambani's Jio Platforms is valued at $107 billion and is expected to experience robust growth in the coming years. Jio Platforms, which includes Reliance Jio Infocomm and other digital businesses of Reliance Industries Ltd, is anticipated to add more subscribers and expand in the enterprise business space. BofA highlighted the potential for Jio Platforms to tap into government contracts, SMEs, and corporates.

Reliance’s formal entry into finserv gets fintechs jittery

Economic Times

Economic Times · 2y ago

Reliance’s formal entry into finserv gets fintechs jittery

Reliance's formal entry into the fintech sector is causing unease among existing fintech players. The Indian conglomerate's strong presence and resources could disrupt the market, potentially leading to increased competition. Fintech companies are closely monitoring the situation and strategizing to withstand the potential challenges posed by Reliance's foray into the financial services industry.

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