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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.

6 Responses to “George Soros Picks Up 3 Percent Stake In Reliance Entertainment For $100 Million”

  1. Mangleshwar Gajbhiye

    MANGLESHWAR GAJBHIYE

    Address : 275-A Shivchaya, Naveen Vidhya Bhavan School Road,
    Napier Town, Jabalpur-MP
    Mobile No. : 09425108374
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    Personal Particulars

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    Permanent : H.No.2336,Uma Nagar Martial Status : Bachelor
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    Employment History

    I. Company Name : ETV-Madhya Pradesh Segment : News
    Position Title : Cameraman Position level : Grade-II
    Specialization : Electronic Media & Broadcasting
    Date of Joining : March 16th 2002
    Working Description : Working with “ETV-MP” Channel as “Cameraman”.
    Job Profile 1.Visuals Recording using Camera 3CCD.
    2.Working on Non Linear Editing & Live Telecast.
    3.Some time I worked for Reporting.
    II. Company Name : Siti Cable Segment : News
    Position Title : Reporter Position level : Siti Reporter
    Specialization : Social & Soft Stories.
    Date of Joining : May 2000 Date of Leaving : March 2002
    Work Description : Worked as a “Reporter”.
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    1.Covered very special stories like VVIP’S arrival & Stings Operation.
    2. Experience of Election Coverage as well as Production Program.
    3. Has a very keen interest in Developing Special Visual from Routine Coverage.
    4. Won Four Awards of BEST Covered Stories from ETV-NEWS.

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    Level : Bachelor of Art. (B.A) Grade : 2nd Division
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    Reference

    Name : Mr.SURYAKANT PATHAK
    Company : DAINIK BHASKAR, Bhopal (M.P.)
    Position : News Editor
    Relationship : Couligues
    Mobile No. : 09300007067
    E-mail : [email protected]

    Name : Mr. Rupesh Shroti
    Company : ETV-MP,Hydarabad
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    Mobile No. : 09391041940
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    Place : Jabalpur
    Date : 18April 2008 Mangleshwar Gajbhiye

  2. "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 .

  3. 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.

  4. sane man

    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

  5. 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.