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Tuesday, January 9, 2024

BofA offers Meta and Google-backed Jio Platforms a $100 billion-plus valuation

Financial institution of America has pinned a $107 billion valuation tag on Mukesh Ambani’s Jio Platforms, valuing the Indian telecoms and digital conglomerate 64.6% increased than the $65 billion at which it attracted the likes of Meta, Google and different know-how giants in a mammoth fundraising in 2020.

The valuation reassessment comes at a time when Reliance is anticipated to undertake preliminary public choices for each Jio Platforms and Reliance Retail. In 2020, Jio Platforms raised over $20 billion from a sequence of investments by corporations like Meta, Google, Silver Lake, Vista Fairness Companions and others. Reliance Retail, which raised about $7 billion in 2020, lately raised about $1.85 billion at $100 billion valuation.

At its annual normal assembly in 2019, Reliance Industries said its plan for IPO of each the companies within the subsequent 5 years. The agency listed its monetary companies arm Jio Monetary final yr.

In August, Ambani stated he’ll lead Reliance Industries for 5 extra years and mentor his kids to take the $211 billion Indian oil-to-telecom large to larger heights of progress and worth within the a long time forward. As a part of the succession plan, Reliance Industries appointed Ambani’s kids — Isha, Akash and Anant — as non-executive administrators to the board.

Financial institution of America stated in a be aware to purchasers that it expects Jio Platforms, which dominates the Indian telecom market, to proceed so as to add subscribers this yr and make deeper inroads with the superior function telephone JioBharat and wi-fi broadband gadget Jio AirFiber. The funding financial institution additionally expects the Indian telecom trade to hike tariff within the second half of the yr, it stated.

“On enterprise enterprise we see three areas the place Jio Platforms might capitalize on: authorities contracts, SMEs and corporates (by providing VAS),” BofA added.

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