ICICI Securities expects Jio Platforms' ensuing IPO to fetch "premium valuations", as was the case in the high-profile equity raise of FY21, and has pegged the company's equity value at $148 billion by September 2027.
Jio Platforms Limited is likely to have a valuation of $148 billion by the time it goes public on the back of strong free cash flow and potential deleveraging, ICICI Securities said.
Leylah Fernandez earned the biggest win of her career as she beat Anna Kalinskaya in the Washington Open final on Sunday.
The Washington Open, a WTA 500 hardcourt tournament, will run from July 21 to 27.
Venus Williams enjoyed a winning return to tennis after more than a year away from the game in the women's doubles at the Washington Open on Monday.
Reliance holds 67.03% of Jio Platforms Limited and the public listing would provide an exit to many investors.
Anna Kalinskaya outclassed Britain's Emma Raducanu at the Washington Open on Saturday to advance to the final, where she will face Leylah Fernandez.
Reliance Jio, India's biggest telecom operator, is planning to launch an initial public offering (IPO) and listing on bourses in the first half of 2026, billionaire Mukesh Ambani said on Friday. Jio is currently a unit of Reliance Industries Ltd, India's most valuable company.
Alex De Minaur rallied from a set down and saved three match points to claim the Washington Open title after beating Alejandro Davidovich Fokina in the final of the ATP 500 event.
Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in Reliance Industries Ltd's retail arm -- the billionaire Mukesh Ambani-led firm's third such deal in less than two days.
Wimbledon champion Andy Murray was happy with his movement if not the result after making a losing return from 15 weeks on the sidelines at an Abu Dhabi exhibition tournament this week.
Now both men have made history for their country, leaving a permanent mark on the history books.
Brady was sidelined by knee and foot injuries since the summer of 2021
Reliance Retail Ventures Ltd (RRVL) is discussing a three-pronged plan that includes an additional divestment of $250-300 million this year, apart from what it has diluted in favour of the Qatar Investment Authority (QIA) and US-based private equity fund KKR recently.
Qatar Investment Authority (QIA) will acquire around 1 per cent stake in Reliance Retail Ventures Ltd (RRVL), the retail arm of billionaire Mukesh Ambani-led Reliance Industries, by investing Rs 8,278 crore ($1 billion). A QIA's wholly-owned subsidiary will make the investment in India's largest retailer at a valuation of Rs 8.278 lakh crore ($100 billion). Updating about the development, Reliance Industries in a regulatory filing said: "QIA's investment will translate into a minority equity stake of 0.99 per cent in RRVL on a fully-diluted basis." RRVL is the holding company for all retail businesses of Reliance Industries Ltd (RIL).
Qatar's sovereign wealth fund is in early discussions to buy a minority stake in billionaire Mukesh Ambani's rapidly expanding retail unit for about $1 billion (Rs 8,200 crore), sources said. The Qatar Investment Authority is keen on tapping the fast-growing Indian market and has entered into a discussion to buy about 1 per cent stake in Reliance Retail Ventures, sources with knowledge of the matter said. Talks, sources said, are at a preliminary stage and being led by an executive director on the board of parent Reliance Industries Ltd.
Global investment firm KKR will invest Rs 2,069.50 crore in Reliance Retail Ventures Ltd for a 0.25 per cent additional stake of the retailer at a valuation of about Rs 8.36 lakh crore, Reliance Industries Ltd said on Monday. After this investment, KKR's shareholding in Reliance Retail Ventures Ltd (RRVL), the holding company of the retail business of billionaire Mukesh Ambani-led RIL, will increase to 1.42 per cent from 1.17 per cent. The investment is at "a pre-money equity value of Rs 8.361 lakh crore (around $100.87 billion)", said a joint statement.
Murray knocked out by Fritz in Washington
In the year 2020 to date, these funds deployed capital worth a record $14.8 billion in India, which is nearly three times more than what they have put in China - $4.5 billion.
Since September, Reliance Retail has raised money from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority , GIC, TPG, General Atlantic and Saudi Arabia's Public Investment Fund in a divestment programme that mirrored sister Jio Platforms a few months earlier.
Fourteen-time Grand Slam champion, Rafael Nadal will return to action at the Mubadala World Tennis Championships exhibition event in Abu Dhabi in December.
Twenty-three time grand slam champion Serena Williams will play her first match since the birth of her daughter when she faces off against French Open winner Jelena Ostapenko at the Mubadala World Tennis Championship in Abu Dhabi next week.
The 20-times Grand Slam champion said he was having some "unpleasant moments" but was hoping to feel better soon.
Summary of sports events and persons who made news on Monday.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced to raise Rs 7,350 crore from two investors -- Singapore's sovereign wealth fund GIC and Global alternative asset firm TPG -- by selling a stake in group's retail arm.
Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd (RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round.
SBI was the top gainer in the Sensex pack, surging around 8 per cent. Tata Steel, Bajaj Finance, HDFC Bank, NTPC, Axis Bank and ICICI Bank also ended with firm gains. On the other hand, TCS, HUL, Bajaj Auto and Infosys were among the laggards.
Reliance Jio, together with partners, has tested its 5G solutions in India, successfully demonstrating speeds of over 1 GBPS, and its 'Made in India' solution is "globally competitive", RIL chairman Mukesh Ambani said on Thursday. Ambani also exuded confidence that the company will be the first to launch full-fledged 5G services in the country. Jio is not just working to make India '2G-mukt' (free from 2G) but also '5G-yukt' (5G empowered), he added. Jio's engineers have developed a 100 per cent home-grown and comprehensive 5G solution that is fully cloud native, software defined, and digitally managed.
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India has received over USD 20 billion in FDI amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment globally.
Rafael Nadal has withdrawn from next week's season-opening exhibition event in Abu Dhabi due to ongoing fitness problems, the world number one said.
World No. 4 Rafael Nadal has confirmed he will return to competitive action at the Mubadala World Tennis Championship in Abu Dhabi at the end of December after six months out with a knee injury.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
World No 1 Andy Murray started his new season with a surprise 7-6(4), 6-4 loss to David Goffin in the semi-finals of the Mubadala World Tennis Championship in Abu Dhabi on Friday.
After monetising Jio Platforms -- which houses the firm's telecom arm and digital ventures, richest Indian Mukesh Ambani is looking to rope in investors in the retail business.
Investments totaling over $9.5 billion in Jio Platforms by a clutch of private equity firms, following social media giant Facebook's $5.7 billion mid-April investment in the company, helped overall.
Ambani said Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue.
Jio Platforms is expected to use its 388 million mobile phone subscribers as the cornerstone of an e-commerce and digital services business to rival Amazon and Walmart's Flipkart.
Serena returned from a maternity break to lose 6-2, 3-6, 10-5 to the 20-year-old Latvian.
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