India's Reliance Industries said on Monday private equity firm Silver Lake will invest nearly $750 million (Dh2.75 billion) in its digital arm, days after securing a $5.7bn investment from Facebook as the Indian conglomerate looks to pare debt.
The deal adds to a flurry of fund raising activity announced by the oil-to-telecoms group in recent weeks including a $7bn share sale, as it aims to eliminate $21.4bn net debt by the end of this year.
Reliance on Thursday reported a 39 per cent fall in March quarter profit, hit by a sharp fall in oil prices and lower fuel demand, and said at the time that it had received investor interest for a Facebook-like deal. Not further detail were provided.
The deal with Silver Lake values Jio Platforms – the digital services entity that houses Reliance's telecoms arm Jio Infocomm and other businesses, at about $65bn, Reliance said in a regulatory filing.
It represents a 12.5 per cent premium to the equity valuation of the Facebook investment.
Facebook said in April it will buy a 9.99 per cent stake in Jio Platforms, looking to capitalise on WhatsApp’s extensive reach in the country and roll out services for India’s grocers and small businesses.
Shares in the Mumbai-based conglomerate, led by billionaire Mukesh Ambani, Asia's richest man, were trading down 1 per cent in a broader Mumbai market that was down 4.2 per cent as of 8.04am UAE time.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
