Reliance Jio and Piramal Group may set up a joint venture for consumer lending, fintech business

Billionaire and maverick investor Ajay Piramal's flagship company Piramal Enterprises is on the verge of finalising a massive Rs 9600 cr capital infusion deal with Softbank and one more party. ET Now has learnt this from several investment banking sources and lawyers working on the transaction. It was not possible to however to ascertain the name of the second party that will be infusing capital into the Piramal Group.

The capital infusion in Piramal Enterprises is likely to be in two tranches, and will be announced shortly. ET Now learns the top team of Masayoshi Son-led Softbank has been camped at the Piramal headquarters for nearly 10 days now to finalise the transaction.

Piramal Group declined to comment.


But why would Softbank be interested in Piramal Group? It may just be because Ajay Piramal as well as his in-law Mukesh Ambani have been discussing a new business together in which Softbank sees strong potential.

ET Now learns Rel Jio and the Piramal Group may set up a joint venture for consumer lending and fintech.

Reliance Jio said this is not true as a response to ET Now's query.

The proposed joint venture between Reliance Jio and Piramal Group is at a very premature stage, but experts say the synergies are obvious.

Recently Softbank Vision Fund said it will invest $2-4 bn in India over the next two years and to increase its bet on financial services.

Reliance Jio's Chairman has famously said "Data Is The New Oil"and Jio's data could prove to be very crucial in the proposed joint venture with Piramal.