SoftBank eyes $2-3 billion investment in Mukesh Ambani's Reliance Jio

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Japan’s SoftBank is looking at buying a $2-3 billion stake in Reliance Jio, Reliance Industries’ telecom subsidiary and the country’s fastest-growing telco.

“For the past two years, our conversations with investors have highlighted the expectations of SoftBank investing in Jio and hence the news flow is not surprising,” wrote Pinakin Parekh, analyst, JP Morgan, in a report to investors.

Mukesh Ambani-led Reliance Industries Ltd (RIL) is interested in deleveraging its balance sheet, and reports of SoftBank’s Jio investment follow last week’s news that Saudi Aramco is in talks with RIL to pick up to 25 per cent in the latter’s refining and petchem business for $10-15 billion.
According to reports, SoftBank is conducting due diligence for its investment through SoftBank Vision Fund.

Spokespersons of both Reliance Jio and SoftBank declined to comment on the matter.
“What would be important from a stock price perspective is how much SoftBank puts in, what is the implied equity valuation of Jio, and whether the e-commerce venture is included in the Jio entity,” said Parekh.

The retail and telecom arms together contributed around 25 per cent of RIL’s 2018-19 revenue.

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