George Soros Picks Up 3 Percent Stake In Reliance Entertainment For $100 Million
This just in: close to the heels of an uncorroborated story about Reliance Entertainment planning an IPO, Business Standard reports that George Soros has picked up 3 percent stake in Reliance Entertainment for $100 million, effectively valuing the company at around $3 billion. A Reliance Entertainment spokesperson has apparently confirmed the investment to Business Standard; we’ve independently contacted Reliance Entertainment for a confirmation, so watch this space.
Soros was one of the seven investors (alongwith HSBC, Fortress Capital, New Silk, Galleon, DA Capital and GLG (SEO: 066570) Capital) who had pumped in $14 billion Rs 14 billion in another Reliance ADAG company - Reliance Telecom Infrastructure Ltd. - which owns transmission towers and infrastructure of Reliance Communications. Reliance Telecom Infrastructure is planning to go for an IPO.
Update: I just spoke to Rajesh Sawhney, President of Reliance Entertainment who has confirmed the news. He wouldn’t comment on what they intend to do with the money they’ve raised, saying that there will be a BIG announcement regarding their plans soon. Reliance Entertainment comprises of seven entities: Zapak (casual gaming portal), Big Adda (social networking site), Big Flicks (Movie streaming and rental), Jump Games (Mobile gaming), Anirights (Animation), BIG Music, and BIG Movies.
Related StoriesPosted In: Money, M&A & Venture Capital, Venture Capital, Companies, ADAG, Reliance Entertainment
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Comments (6)
Feb 7, 2008 11:05 AM
Reliance Entertainment has ventured into talent management.
George Soros is an investor in Rel Cap and i saw on CNBC that he has invested in Rel Power IPO too. He remains bullish on India and China.
Feb 7, 2008 11:39 AM
Minor correction. “....who had pumped in $14 billion” should be “who had pumped in Rs 14 billion.”
Feb 7, 2008 3:55 PM
Remember intel has invested small stake in Hinduja Ventures ( erstwhile Hinduja TMT) valuing it in Billion of dollars in hey days ?. What about integrity of valuation !!!!!!!
saneman
Feb 8, 2008 1:46 AM
Shashi,
minor correction? From USD 14 billion to USD 350 million is more like a major correction to the story.
anyways, what’s a 100 mill (USD or Rs.) on this investment to Soros. Gives him another venue to talk smack about the US besides Davos.
Feb 8, 2008 7:33 AM
“Gives him another venue to talk smack about the US besides Davos”
Thanks for your insight .
btw he is a self made man , who lives a simple life inspite of his gigantic fortune . he made $ 1 Billion in one day so i guess he know a thing or two about good investment opportunities.
you don’t need to shell out 100 Mill (USD OR Rs) to smack about US (BUSH) . Chomsky is doing the same for much less may be on MITs Travel budget .
Apr 19, 2008 2:25 AM
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