Mukesh Ambani’s Reliance Jio Platforms has agreed to sell 2.32% stake to U.S. equity firm KKR in what is the fifth major investment in the top Indian telecom firm in just as many weeks.
On Friday, KKR announced it will invest $1.5 billion in the Indian top telecom operator, a subsidiary of India’s most valued firm (Reliance Industries), joining fellow American investors Facebook, Silver Lake, Vista Equity Partners, and General Atlantic that have made similar bets on the Indian firm that has amassed over 388 million subscribers.
The investment from KKR, which has wrote checks to about 20 tech companies to date including ByteDance and GoJek, values the nearly four-year-old Reliance Jio Platforms at $65 billion. The announcement today further shows the growing appeal of Jio Platforms, which has raised $10.35 billion in the past month by selling about 17% of its stake to foreign investors that are looking for a slice of the world’s second-largest internet market.
Ambani, the chairman and managing director of Reliance Industries and who has poured more than $30 billion to build Jio Platforms, said the company was looking forward to leverage “KKR’s global platform, industry knowledge and operational expertise to further grow Jio.”
“Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution,” Henry Kravis, co-founder and co-chief executive of KKR, said in a statement.
“We are investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and Asia Pacific,” he added.
More to follow…
EA allows ‘Madden NFL 21’ Xbox Series X upgrades until ‘NFL 22’ arrives
When EA first introduced an option to upgrade the Xbox One version of Madden NFL 21 to the Xbox Series X release for free, it gave players until March 31st, 2021 to make the decision. That’s not much time if you aren’t dead set on buying the Series X right away, is it? You won’t have to stress quite so much going forward, however. EA has quietly updated
The site was updated “earlier this week,” an EA spokesperson told Polygon (via Operation Sports). The publisher had intended to formally announce the upgrade extension, but pushed it back as part of efforts to give the spotlight to anti-racism protests. EA delayed its Play event and the Madden NFL 21 introduction to June 11th.
Facebook issues new recommendations for discussing racism in groups
Facebook’s efforts to address a surge in social turmoil will extend beyond reviewing its policies. The company has posted recommendations (via The Verge) for group operators to help them address “race and social issues,” such as the Black Lives Matter protests gripping the US and numerous other countries. They’re logical, but are clearly built in direct response to discussions becoming increasingly political between anti-racist activism and the looming US presidential election.
The social network suggests that groups should have administrators and moderators from “impacted communities,” for a start. They should also review rules and outline them for group members, even if it means forbidding certain topics or requiring post approval. Facebook also wants group leaders to be open to member input, however, and they may have to accept that the nature of a group might evolve or even prompt the creation of another group.
Some iPhone 11 models display a green tint after unlocking
A number of iPhone users are seeing a strange green tint on their devices’ displays for a few seconds after unlocking, and it’s still unclear what’s causing the phenomenon. Based on the complaints posted on Reddit and the MacRumors forum, the most affected devices are the iPhone 11, 11 Pro and 11 Pro Max. However, some iPhone X and XS users seem to be experiencing the issue, as well.
Several users are saying that the green tint only shows up when they have Dark Mode and Night Shift on or if they’re in dark room. Affected users are also reporting that the issue popped up after iOS 13.4 came out, though there are those who’ve only noticed it after upgrading to iOS 13.5. At least one user says the green tint disappeared
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