General Atlantic to Invest $873 Million in Jio Platforms - Yahoo Canada Finance | Canada News Media
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General Atlantic to Invest $873 Million in Jio Platforms – Yahoo Canada Finance

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(Bloomberg) — General Atlantic, the U.S. investment firm that helped fund Airbnb Inc. and Uber Technologies Inc., will invest about 66 billion rupees ($873 million) in Reliance Industries Ltd.’s Jio Platforms Ltd.

The deal to acquire a 1.3% stake values Jio Platforms at an enterprise value of 5.16 trillion rupees ($68 billion), the company said. The transaction takes the total investment raised by Jio to 671.9 billion rupees after it sold stakes to Facebook Inc., Silver Lake and Vista Equity Partners.

Investors are betting on Jio’s access to India’s huge consumer market, and its potential to shake up traditional industries in the country — from retail to education and payments — with its technology. India is the only major open Internet market where foreign technology giants such as Amazon.com Inc., Walmart Inc. and Google’s parent Alphabet Inc. can compete for market share.

“General Atlantic’s endorsement and partnership energizes Jio’s young team to set, and achieve, even more ambitious goals,” said Akash Ambani, director of Reliance Jio, and Chairman Mukesh Ambani’s son. “Jio is committed to make a digitally inclusive India that will provide immense opportunities to every Indian citizen especially to our highly talented youth.”

Jio Platforms, a wholly owned unit of Reliance Industries, brings together Jio’s digital apps, ecosystems and the wireless platform offered by telecommunications carrier, Reliance Jio Infocomm Ltd., under one umbrella, according to the Mumbai-based company.

Saudi Arabia’s $320 billion sovereign wealth fund is also considering purchasing a minority stake in Jio, Bloomberg News reported on May 9.

(Adding Akash Ambani’s comment in fourth paragraph.)

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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