The deal also helps a struggling conglomerate
debt-sodden firms receiving a cash infusion from a foreign buyer swirl regularly, but rarely become reality. With the country in lockdown and oil prices crashing, worries have grown that the most touted such investment—the $15bn purchase of 20% of Reliance Industries’ refining arm by Saudi Aramco, the kingdom’s oil colossus—may be delayed or cancelled.
The deal’s value lies in the crossover between the hold each partner has on aspects of India. Since its launch in 2016 Jio has crushed domestic competition in mobile telecoms with ultra-low prices. With 388m users, and funds from Facebook, it is much better placed than rivals to invest in 5G technology.
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