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Illustration: Aïda Amer/Axios

General Atlantic agreed to invest $870 million into Jio Platforms, the telecom and tech subsidiary of Indian conglomerate Reliance Industries, at a $65 billion valuation.

Why it matters: Jio is the world's largest mobile provider in the world's second-largest country, with around 35% market share and 400 million subscribers. It also is General Atlantic's largest-ever investment in Asia, despite a long history in the region.

  • This is Jio's fourth major investment in the past month, following infusions from Facebook ($5.7b), Silver Lake ($750m) and Vista Equity ($1.5b). Expect a few more deals to be announced shortly, with Jio to go public in a couple of years.

The bottom line: Investors are betting on Jio being the infrastructure for India's shift to digital, and becoming a local mobile champion in a country dominated by foreign players like Facebook/WhatsApp and Google.

Go deeper: Andreessen Horowitz adds General Atlantic vet

Go deeper

Toyota to build $1.3 billion U.S. battery plant in North Carolina

The all-electric Toyota bZ4X, the company's first battery-electric vehicle, at the Los Angeles Auto Show in Los Angeles, California on Nov. 17. Photo: Frederic J. Brown/AFP via Getty Images

Toyota announced Monday it's investing $1.3 billion to construct an electric vehicle battery "megasite" near Greensboro, North Carolina, set to open in 2025.

Why it matters: Toyota's Prius hybrid won environmental plaudits when it launched in 1997, but it has since lost ground to electric vehicle world leader Tesla, per Axios' Joann Muller. This battery plant will be the first to produce automotive batteries for Toyota in North America.

3 hours ago - Politics & Policy

Congress hunts for shortcut to pass defense funding, debt limit combo

Senate Majority Leader Chuck Schumer returned to his office Monday. Photo: Anna Moneymaker/Getty Images

The scramble in Congress to pass the National Defense Authorization Act is being complicated by an effort to tie it to a needed hike in the federal debt limit.

Why it matters: The House and Senate are rapidly coming up against a series of deadlines they must address before the end of the year — or risk disrupting crucial military funding and upending the economy. Congressional leaders are now hoping they can knock out both "must-pass" priorities in one, complex swoop.

Scoop: Inside Jake Sullivan's call with U.S. hostages' families

Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

National security adviser Jake Sullivan spoke last week with relatives of U.S. hostages and others wrongfully detained abroad, after more than two dozen families expressed frustrations about their inability to get a meeting with him or President Biden, Axios has learned.

Why it matters: Participants on the video call, which began at 7pm ET Friday and lasted more than an hour, told Axios they didn't get satisfactory answers to many of their questions. Nonetheless, they were encouraged by Sullivan's commitment to follow up and pledge to be personally available to them and others going forward.