Reliance Industries is likely to list Jio Platforms overseas, buoyed by five headline-making stake sales in a month. Google faces an anti-trust probe in India after a complainant accused the tech giant of unfairly promoting its mobile payments app. Indian ride-hailing company Ola will buy Amsterdam-based electric scooter company Etergo. ITC will acquire spices maker Sunrise Foods. Here is more on what made news this week.
- Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries, may be listed overseas Reliance will work on the listing after selling 20-25 per cent in Jio Platforms and the government issues direct listing guidelines, Business Standard reported this week. Five global companies have since April picked up a 17.12 per cent stake in Jio Platforms for a total consideration of Rs 78,562 crore, valuing the company at Rs 4.91 trillion (or $73 billion).
- State-owned NTPC is joining the fray to buy the Delhi electricity distribution business of Anil Ambani-promoted Reliance Infrastructure (RInfra). NTPC told a regulator it was keen to buy 51 per cent stake in BSES Rajdhani Power and BSES Yamuna Power, the two distribution companies owned by RInfra.
- The Enforcement Directorate (ED) has attached JP Morgan India’s accounts worth Rs 187 crore, besides documents related to its assets, for its alleged involvement in siphoning off homebuyers’ money in collusion with Amrapali Group. The company said it had neither invested in, nor received any proceeds from Amrapali Group companies.
- India's antitrust body is looking into allegations that Google is abusing its market position to unfairly promote its mobile payments app in the country, said a media report. The complaint alleges the US tech giant more prominently showcases Google Pay app inside its Android app store in India, giving it an unfair advantage over apps of competitors.
- A unit of SoftBank Group-backed ride-hailing company Ola will buy Amsterdam-based electric scooter company Etergo as part of its plan to locally build electric vehicles (EVs), the company said. Ola Electric did not disclose the amount it was paying to acquire Etergo, which was last valued at around 84 million euros ($92 million).
- Bharti Telecom, the promoter company of Bharti Airtel, raised Rs 8,433 crore ($1.15 billion) by offloading 2.75 per cent stake in the telecom major through secondary market trades. The company said the sale saw more demand than the shares on offer, with investors across geographies placing bids.
- Consumer goods giant ITC will acquire spices maker Sunrise Foods Private Limited, the company said in a statement to stock exchanges. ITC didn’t comment on the deal size, but sources estimated it at close to Rs 2,000 crore. Sunrise Foods clocked a turnover of around Rs 600 crore last year.
A few links for further reading
Hard path to growth
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Small savings scheme
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Invest and emigrate
The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.