Reliance Industries Ltd (RIL) on Friday announced two large investments by foreign investors totalling Rs 13,640.4 crore into Jio Platforms Ltd. With this, the digital services unit of RIL has raised Rs 92,202.15 crore from top global investors in less than six weeks.
In the first transaction, Abu Dhabi-based Mubadala Investment Co. bought a 1.85 per cent stake in Jio Platforms for Rs 9,093.60 crore, becoming the sixth global investor in the digital services firm.
Later in the day, RIL said Silver Lake, which had invested Rs 5,655.75 crore in Jio Platforms on 4 May, will invest an additional Rs 4,546.80 crore, along with its co-investors, bringing its aggregate investment to Rs 10,202.55 crore, for a 2.08 per cent stake. The latest investments value Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion, the RIL statement said.
Starting with Facebook’s Rs 43,574 crore investment in April, Jio Platforms has sold stakes to private equity firms KKR & Co., Silver Lake, Vista Equity Partners and General Atlantic.
The high-value deals underscore the potential of India’s large, expanding base of telecom users and Jio’s leadership of this growing market. A fast-expanding online retail market in India is also giving hope to global firms about the prospects of this market.