Shares of Mukesh Ambani's Reliance Industries (RIL) climbed 1% in Tuesday's early trade after reports that SoftBank Vision Fund might invest in its telecom business Reliance Jio.
Japanese SoftBank's Vision fund is currently undertaking due diligence to buy a stake in Mukesh Ambani-controlled Reliance Jio Infocomm and may invest $2-3 billion, according to ET Now.
Lately, SoftBank has been investing in technology-driven scalable businesses and, according to sources, Jio appears to be suitable for SoftBank’s new spend.
The $100 billion fund led by bankers, aims to invest in fast-growing scalable tech companies globally.
Shares of RIL traded 0.72% higher at Rs 1,354 on BSE around 10 am. The stock fell 2.76 per cent to Rs 1,344 on Monday even after the company on Thursday reporting March quarter profit in line with estimates.
Jio launched commercial pure play fourth-generation or 4G technology based telecom services in September 2016, and within a span of two years have become India’s third largest telco with highest monthly subscriber additions.
By investing in Jio, SoftBank, according to the report would get exposure to telecom, technology and e-commerce.
Reliance Industries, Jio’s parent company is also expected to launch its e-commerce venture soon. Both Reliance Industries and SoftBank spokespersons declined to comment on the matter.
Ambani’s telecom unit has recently moved fibre and tower assets to InvIT structure with an aim to reduce debt.
(With inputs from ET Now & ET Markets)
Japanese SoftBank's Vision fund is currently undertaking due diligence to buy a stake in Mukesh Ambani-controlled Reliance Jio Infocomm and may invest $2-3 billion, according to ET Now.
Lately, SoftBank has been investing in technology-driven scalable businesses and, according to sources, Jio appears to be suitable for SoftBank’s new spend.
The $100 billion fund led by bankers, aims to invest in fast-growing scalable tech companies globally.
Shares of RIL traded 0.72% higher at Rs 1,354 on BSE around 10 am. The stock fell 2.76 per cent to Rs 1,344 on Monday even after the company on Thursday reporting March quarter profit in line with estimates.
Jio launched commercial pure play fourth-generation or 4G technology based telecom services in September 2016, and within a span of two years have become India’s third largest telco with highest monthly subscriber additions.
By investing in Jio, SoftBank, according to the report would get exposure to telecom, technology and e-commerce.
Reliance Industries, Jio’s parent company is also expected to launch its e-commerce venture soon. Both Reliance Industries and SoftBank spokespersons declined to comment on the matter.
Ambani’s telecom unit has recently moved fibre and tower assets to InvIT structure with an aim to reduce debt.
(With inputs from ET Now & ET Markets)