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Mukesh Ambani/Jio Logo (Swarajya Magazine)
Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries (RIL), is in the early stages of preparation for overseas listing, Business Standard reported.
The overseas listing plan of Jio comes days after Union Finance Minister Nirmala Sitharaman announced that the government will allow direct listing of securities by Indian public companies in permissible foreign jurisdictions without simultaneous India listing. Private companies which list NCDs on stock exchanges not to be regarded as listed companies. The measure was seen as a policy step that will be help Indian companies in accessing foreign capital.
The offering is likely to happen in the next 12 to 24 months and the company hasn’t decided on a listing venue
KKR & Co. last week became the latest investor to hop on to the Jio Platforms bandwagon after Ambani sealed deals with Facebook Inc., Silver Lake Partners and General Atlantic recently. US social media behemoth Facebook on April 22 acquired 9.99 per cent in Jio Platforms. RIL subsequently roped in various private equity players such as Silver Lake, Vista Equity Partners, General Atlantic for minority stakes raning between 1.15 and 2.32 percent.
RIL is also said to be in talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Company for picking similar minority interests in Jio Platforms,
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