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1 June 2020 By Una Galani Follow @ugalani

At $68 bln, the tycoon’s telecom operator is being valued like a tech startup. It’s backed by A-list investors from KKR to Facebook, and more are queuing up. Growth has been impressive. But the wannabe super-app could encounter serious competition in the country’s digital race.

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Mukesh Ambani is preparing his wireless telecom and digital services business, Jio Platforms, for an overseas listing, Bloomberg reported on May 26, citing unnamed sources.

The offering could happen in the next 12 to 24 months but there is no final decision on timeline, size or venue, according to the report.

KKR on May 22 said it would invest in the Reliance Industries unit, imputing an enterprise value of 5.16 trillion rupees, or about $68 billion.

Facebook, Silver Lake, Vista Equity Partners, General Atlantic and KKR have announced aggregate investments in Jio Platforms totalling 785.6 billion rupees over the past six weeks.

Abu Dhabi fund Mubadala is also in talks to invest in the unit, Reuters reported on May 28, citing sources. Other media reports suggest Microsoft is ready to invest too.

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