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Joint Venture by Reliance Jio and Piramal Group is likely to be set up for consumer lending, fintech business

PiramalNSE -2.21 % Enterprises, Ajay Piramal’s flagship company is about tofinalise a massive deal of Rs. 9600 crore capital infusion with softbank and one more party. Though it wasn’t possible to be in terms with the name of the second party that will be infusing capital into Piramal Group, but this update has been confirmed by sources.

The capital infusion is likely to be in two tranches and is supposed to be announced very soon. Sources suggest that the top team of Masayoshi Son-led Softbank has been camped at the Piramal headquarters for around 10 days now in order to finalise the transaction.

It is being assumed that there cannot be any reason for Softbank to be interested in Piramal Group but rather the discussion between Ajay Piramal and his in-law Mukesh Ambani can be something in which Softbank sees potential in.

Sources now suggest the setting up of a joint venture by Reliance Jio and Piramal Group for consumer lending and fintech.

However, Piramal Group and Reliance Jio have not yet confirmed these facts.

This joint venture which has been proposed is currently known to be in its premature stage but according to experts these synergies are obvious.

Softbank vision Fund have reportedly said that it would invest $2-4 bn in India in the next couple of years and increase its bet on financial services.

As stated by Reliance Jio’s Chairmen Jio’s data has the ability be crucial in the proposed joint venture with Piramal.

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