Despite the raging Covid-19 pandemic and economic disruptions due to it, Indian investment banking activities grew, hitting a three-year high in 2020, with revenues touching $1.03 billion.
The Public Investment Fund of Saudi Arabia is picking up a 2.04% stake in Mukesh Ambani’s Reliance Retail Ventures. This after it invested $1.5 billion in a sister company, Jio Platforms.
How Mukesh Ambani-led Reliance Industries is on a mission to prove the above statement right by stringing together its “pearls”—investments into apparently unrelated sectors.
Tectonic shifts across technology, regulations, markets and investor expectations are the reason behind turbocharging Asia’s second-most populous nation’s digital economy.
It is difficult for investors to find too many companies in which they can confidently invest at present. Jio is an exception since it offers exactly what a post-Covid world may need.
Despite a weak business outlook, RIL looks well-poised to progress on its debt reduction plans with Jio Platforms likely to see another Facebook-like deal and a rights issue.
Facebook’s $5.7-billion investment in RIL’s subsidiary will help both companies monetise their digital platforms; it will also aid in deleveraging RIL’s balance sheet, says Fitch Ratings.
