Grapevine: Saudi fund, General Atlantic may back Jio; Medlife seeks funding
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Saudi Arabia’s $320 billion sovereign wealth fund and private equity firm General Atlantic are exploring options to invest in Mukesh Ambani-led Reliance Industries Ltd’s digital unit, a media report said.

Saudi Arabia’s Public Investment Fund is looking to buy a minority stake in Jio Platforms Ltd, Bloomberg reported, citing people with knowledge of the matter.

General Atlantic wishes to invest up to $950 million in Jio Platforms, the report said, adding that the deal could be completed this month.

Reliance has previously attracted three investors for Jio Platforms. Last month, Facebook Inc. agreed to pay $5.7 billion for a 9.99% stake in Jio Platforms. This month, private equity firms Silver Lake Partners agreed to invest $747 million and Vista Equity Partners decided to pump in $1.5 billion.

Meanwhile, online medicine delivery startup Medlife is in talks with multiple investors to raise up to $50 million within six weeks, two people familiar with the matter told Entrackr.

According to the report, Medlife said it was in “discussions with multiple firms at the moment”. 

The startup has received acquisition offers including one from a private hospital chain, the report said.

Medlife competes with the likes of Netmeds and 1mg. Last week, media reports said that Reliance Industries was in talks to acquire a majority stake in Netmeds.

In another development, the lenders of bankrupt real estate firm Lavasa Corporation have extended the date to seek bids to June 8, Business Standard reported.

The report cited people close to the development as saying that there were no takers for the company, which is in undergoing bankruptcy proceedings after defaulting on loans worth Rs 7,700 crore.

Several companies had earlier submitted offers for Lavasa. These included New Delhi-based food major Haldiram Snacks Pvt. Ltd and UV Asset Reconstruction Company. Oberoi Realty, US-based fund Interups Inc, had also joined the race at a later stage.

In February, the National Company Law Tribunal permitted the lenders to sell Lavasa along with its 49 subsidiaries. This way, the lenders said, they would get a far better valuation.

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