Mukesh Ambani retains top spot on 2024 Forbes’ list
The RIL chief’s current net worth stands at $108.3 billion making him the 13th richest person in the world.
Intel Capital is 12th company to join taking total investment amount to Rs 1,17,588.45 crore against the 25.1 per cent of the total digital unit’s stake sold.
A report released by Morgan Stanley said asset monetization in Jio Platforms along with the $7 billion rights issue should reduce Reliance Industries Limited (RIL)s net debt by more than half.
The report said that multiple catalysts are in play with faster than expected deleveraging, improving demand and margin outlook on refining and chemicals, top quartile earnings CAGR of 23 per cent over F20-23, and digitisation, supporting multiples.
Earlier in the day, the RIL announced that Intel’s investment unit, Intel Capital will invest Rs 1,894.50 cr for 0.39% stake in Reliance Industries’ digital arm, Jio Platforms.
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Intel Capital is 12th company to join the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1,17,588.45 crore against the 25.1 per cent of the total digital unit’s stake sold.
“We believe asset monetization in Jio Platforms along with the $7 billion rights issue should reduce RIL’s net debt by more than half,” Morgan Stanley said in the report.
Intel Capital is the investment arm of Intel Corporation. Since 1991, Intel Capital has invested $12.9 billion in more than 1,582companies worldwide. RIL highlighted that it plans to work with Intel on new technologies.
“Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital’s investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis,” Reliance Industries and Jio Platforms said in a joint statement released earlier in the day.
Apart from Intel, in the last three months, Jio Platforms have received investments from high-profile firms like Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, and PIF invested in the Jio Platforms.
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