Sovereign fund Qatar Investment Authority is looking to invest up to $2 billion (Rs 14,965 crore) in an infrastructure investment trust (InvIT) that holds Reliance Industries Ltd’s (RIL) fibre-optic assets, two people aware of the development told Mint.
After monetising over $20 billion from its stake sale in Jio Platforms Ltd, RIL is now looking to monetise its fibre assets held by Jio Digital Fibre Pvt. Ltd.
Last year, a consortium led by Canadian investment firm Brookfield invested Rs 25,215 crore in RIL’s InvIT holding its telecom tower assets.
Meanwhile, Thailand’s state-owned energy giant PTT Group is looking to acquire close to half of the stake held by Goldman Sachs in renewable energy company ReNew Power.
The final contours of the deal are expected to be finalised in the coming weeks, people aware of the development told The Economic Times.
PTT has indicated that it may invest a minimum $500 million (Rs 3,740 crore) at a valuation of $2.2 billion (Rs 16,460 crore). It may end up as the largest shareholder after the transaction, which will include a primary infusion as well.
Goldman Sachs holds 48% stake in ReNew Power. Canada Pension Plan Investment Board (CPPIB) and sovereign fund Abu Dhabi Investment Authority each own 16%.
Japan’s gas and utilities major JERA has an 8% shareholding while other small financial investors such as Global Environmental Fund control 3%. Sumant Sinha and his senior employees own the rest.
ReNew Power was previously forced to shelve its IPO plans in mid-2018 at a valuation of $4 billion.
In February 2019, it was reported that Norwegian state-backed energy company Equinor ASA was looking to buy a substantial stake in the company.
In another development, Bharti-AXA General Insurance may merge with ICICI Lombard General Insurance in an all-stock merger transaction, which is expected to be sealed soon.
Bharti-AXA has been valued at up to Rs 2,800 crore ($374 million), people with knowledge of the matter told Moneycontrol.
Also, Glance, an artificial intelligence-powered platform that delivers personalised content to lock screens of smartphones, is in talks with US and Japanese investors to raise up to $250 million (Rs 1,870 crore).
“The discussions are in an advanced stage and if all goes well it could be closed in the ongoing quarter at a healthy valuation,” a person told Business Standard.
Glance, positioned as a subsidiary of InMobi, in September 2019 raised $45 million from Paypal co-founder Peter Thiel’s growth-stage investment firm Mithril Capital.