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India’s Reliance Jio Platforms sells $1.5 billion stake to Saudi Arabia’s Public Investment Fund

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India’s Reliance Jio Platforms sells $1.5 billion stake to Saudi Arabia’s Public Investment Fund

Billionaire Mukesh Ambani has discovered yet one more high-profile agency to jot down an enormous test to his telecom enterprise Reliance Jio Platforms on the peak of a world pandemic.

Saudi Arabia’s Public Investment Fund, one of many largest and most impactful sovereign wealth funds on the earth, stated on Thursday it’s going to make investments $1.5 billion within the prime Indian telecom operator for a 2.32% stake within the firm.

With this deal, Jio Platforms, which is India’s largest telecom operator with 388 million subscribers, has raised 15.2 billion from ten traders together with social large Facebook prior to now 9 weeks.

For some context, India’s startup ecosystem raised a file $14.5 billion final yr.

India’s richest man constructed a telecom operator everybody desires a bit of

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