Business | Investment
Soros buys 3% stake in Reliance unit for $100m
Billionaire investor George Soros bought a stake worth $100 million in Anil Ambani-controlled Reliance Entertainment Pvt.
- Bloomberg
- Published: 23:04 February 8, 2008
New Delhi: Billionaire investor George Soros bought a stake worth $100 million in Anil Ambani-controlled Reliance Entertainment Pvt.
Soros bought a three per cent stake in the privately owned company, Sharad Goel, spokesman for Reliance Entertainment, said on Friday.
The stake sale values Reliance Entertainment, which runs businesses including social networking and gaming websites, film production and distribution in the South Asian nation, at $3.33 billion.
Billionaire Ambani, whose Reliance Power Ltd. last month completed a record initial public offering, has invested in a range of media businesses since breaking with his brother Mukesh Ambani in 2005 and the splitting of the Reliance Group of companies founded by father Dhirubhai Ambani.
Increased spending
Rising incomes in the world's fastest-growing major economy after China is putting cash in the hands of consumers to spend more on leisure activities such as movies and online gaming.
Reliance Entertainment may sell shares in an initial public offering, the Hindustan Times reported on Friday. A prospectus detailing the share sale for the stock market regulator is being prepared.
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