After a month-long of deals and buyouts, Jio has raised over $12 Billion from investors such as Facebook, Silver Lake, Vista, General Atlantic, and most recently, KKR. This led to a 17.1% dilution of the telecom giant. The latest report suggests that Microsoft is next in line to buy a stake in the digital platform.
Microsoft is looking at a $2 Billion investment in the company for about 2.5% stake. No deal has been finalized yet and negotiations are underway.
While Microsoft has shown a keen interest in cementing its partnership with Jio Platforms by buying a stake in the company, there is no guarantee that the investment will go through said a person from Microsoft seeking anonymity while talking to Mint.
Microsoft had previously forged a partnership with Jio in August 2019 to offer free Reliance Jio connectivity and Microsoft Azure cloud services to tech startups and small and medium businesses in India by 2021. The company is also said to be in talks with Saudi Arabia’s $320 Bn sovereign wealth fund for a potential investment in exchange for a minority stake.
As the Chairman of RIL, Mukesh Ambani plans to reach the zero net debt target by March 2021, The billionaire has been selling a major chunk of his share in the telecom giant, Jio to foreign investors. The net debt now stands at ₹161,035 crores as of Mar 2020.