Premji Invest, the investment arm of Azim Premji’s fund, has bought a large stake in a toy making company. This stake is in Bangalore-based toy maker Micro Plastics.
Azim Premji’s venture of Wipro, which is among the biggest billionaires of the country, has made a big deal. Due to this deal, Mukesh Ambani’s company Reliance is expected to get a tough competition in the coming days.
What’s the matter: Actually, Premji Invest, the investment arm of Azim Premji’s fund, has bought a large stake in a toy making company. This stake has been bought by Bangalore-based toy maker Micro Plastics. Apart from Premji Invest, the deal also includes private share capital investor company ADV Partners. Let us tell you that Micro Plastics manufactures toys for brands like Hasbro and Mattel.
Micro Plastics has five factories in Bangalore and nearby. Its founder and managing director Vijendra Babu will retain some stake in the company and help in the expansion of the company’s business. However, the value of this acquisition has not been provided by Azim Premji’s company.Competition with Mukesh Ambani: Azim Premji’s company has done this deal at a time when Reliance chairman is planning to expand in toy market. Recently, a Reliance official had said that loss-making UK company Hamlej Global Holdings Ltd is planning to open stores afresh.Reliance is going to open several stores of the company in India as well as Europe, South Africa and China. Let us tell you that in the year 2019, Mukesh Ambani acquired this company. In 2019, Reliance acquired UK toy brand Hamlej Global Holdings Ltd for £ 6.79 million, or about Rs 620 crore.
How much wealth is there: Mukesh Ambani is India’s biggest wealthier billionaire, while Azim Premji is also in the top 3 list. According to the Bloomberg Billionaires Index, Mukesh Ambani is the 12th richest billionaire in the world ranking. Mukesh Ambani has total assets of about $ 75.1 billion. Azim Premji’s wealth is 29.5 billion dollars and he is the 49th richest billionaire in the world. After a long time Azim Premji has joined the club of Top 50 Billionaires.
