For the rest of the world, it was Mukesh Ambani who signed the deal with Mark Zuckerberg to ensure the Facebook and Jio partnership last month. However, the chairman of Reliance Industries knows otherwise. For him, his right hand man Manoj Modi, who is practically invisible to the rest of India and the world, is the brains behind all the deals that Mukesh Ambani is cracking at the moment.
According to a profile in Bloomberg, Modi is a director at Reliance Retail Ltd and Reliance Jio Infocom. During a Kota conference, he hinted at the way he thinks: The principle at Reliance is simple. Unless everyone makes money working with us, you cannot have a sustainable business.
Modi has a big say in every deal and often a meeting with him signals the final stamp of approval, according to the report. Termed as ruthlessly efficient”, Modi manages to get the best possible deal for Reliance in mergers and acquisitions
How are the six investors who invested in Jio platforms:
Facebook: It all started on May 22 when Jio announced that Facebook is acquiring 9.99 per cent stake in the company. The transaction is valued at Rs 43,573.62 crore. This deal will be completed through a new entity Jaadhu Holdings, according to regulatory documents.
Silver Lake Partners: Technology investing firm, Silver Lake, has over USD 43 billion in combined assets under management and committed capital. It decided to buy 1.15 per cent stake for Rs 5,655.75 crore. This announcement of this deal was made on May 3.
Vista Equity Partners: On May 8, the US-based private equity firm announced that it will pick up 2.32 per cent stake for Rs 11,367 crore. This 2000-founded company focuses on financing and forwarding software and technology-enabled startup businesses, as well as passive equity investment.
General Atlantic: It is a 40-year company, headquartered in New York. On May 17, the private equity firm announced investment of Rs 6,598.38 crore in Jio by picking up 1.34 per cent stake in the platform.
KKR: American global investment firm, KKR & Co, has bought 2.32 per cent stake for Rs 11,367 crore. This firm announced the investment in the digital arm of Reliance on 22 May.
Mubadala: The sixth and the latest investor in the Jio platform is Abu Dhabi-based sovereign investor Mubadala Investment Company. It is reported that two other Middle-East funds that are Abu Dhabi Investment Authority and Saudi Arabia’s The Public Investment Fund are in discussion with Jio. So, Mubadala will not be the last investor for this month. Mubadala has invested Rs 9,093.60 crore to acquire 1.85 per cent stake.
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