COVID-19 has been truly brutal for people as well as businesses around the world. With companies going under lockdown, theyĄ¯ve suffered losses left, right and centre.?
However, some businesses have managed to make a ton of money in these dark times, and one of them is IndiaĄ¯s Reliance.
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And now Reliance has become the first Indian company in the nationĄ¯s history to touch $200 billion in market capitalization. This news surfaced as shares of the Indian oil to telecom conglomerate saw a 4 percent rise in midday trading.?
This news came at a time when reports by Bloomberg hinted that Reliance is looking to sell up to 40 percent stake in its retail business to e-commerce giant Amazon. This isnĄ¯t the first time Amazon has been seen holding talks with Reliance retail.
Just yesterday, USĄ¯s Silver Lake Partners invested another $1 billion in Reliance Retail that currently runs over 10,000 stores selling clothing and electronics across the nation.
While this is a commendable feat, it is similar to the valuation of Amazon CEO Jeff Bezos -- the richest man in the world, which only goes to show how rich he truly is.?
In June, 2020, when companies around the world were barely trying to keep their ships afloat, Jio managed to earn Rs 168,818 crores in just two months, seeking investments from companies like:?
Facebook (Rs 43,573 crores for 9.9 percent stake), Silver Lake Partners (Rs 5,655.75 crores for 1.15 percent), Vista Equity (Rs 11,367 crores for 2.32 percent), General Atlantic (Rs 6,598.38 crores for a 1.34 percent stake), Kohlberg Kravis Roberts & Co (Rs 11,367 crores for a 2.32 percent).
He also received investments from UAE based companies Mubadala (Rs 9,093.60 crores for a 1.85 percent) ADIA (Rs 5,683.50 crores for a 1.16 percent), Texas Pacific Group (Rs 4,546.80 crores for 0.93 percent), L Catterton (Rs 1,894.50 crores for 0.39 percent) and PIF from Saudi Arabia (Rs 11,367 crores for 2.32 percent) while also turning the company completely debt free.