A report by Livemint stated that Jio is being shifted to Reliance’s retail arm. This move is being accompanied by a series of changes by the company.
The 13 strategic investors of Reliance Jio are being given the option to also invest in Reliance Retail ventures. These strategic investors include companies like Google, Facebook and Silver Lake.
Reliance Retail is also in talks with Silver Lake to offload .7-1.8 per cent stake, valued at nearly Rs 7,500 crore.
Silver Lake Partners was the first investor to buy into Jio Platforms after Facebook. https://t.co/dyb899C6XV
— BloombergQuint (@BloombergQuint) September 4, 2020
These actions have been followed by the acquisition of Future Group’s retail ventures by Reliance Industries.
Overall this is being seen as an effort to strengthen Reliance’s hold on the Retail Sector in India against competitors like Amazon and Flipkart.
Future Group announces details of internal restructuring and deal with Reliance Retail. pic.twitter.com/gLhNZ7t4Ek
— BloombergQuint (@BloombergQuint) August 29, 2020