India Inc’s inward turn
Foreign investors are rediscovering that the road to riches in India runs through powerful local partners
FACEBOOK WAS first to open its wallet. In April the social network said it would spend $5.7bn on a 9.9% stake in Jio Platforms, the digital arm of Reliance Industries, India’s biggest firm. The investment was followed in short order by nine other entities, including global private-equity (PE) giants such as KKR, as well as Saudi and Emirati sovereign-wealth funds. Collectively, this year foreigners have poured or pledged to pour $15.2bn into Jio. That would give them a combined stake of 25%. Microsoft is rumoured to be next in line.
This article appeared in the Business section of the print edition under the headline “All aboard”
Business
July 4th 2020- India Inc’s inward turn
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