Jio Platforms Get Rs. 6,441.3 Crore Investment From Two US Private Equity Firms
Jun. 15, 2020Reliance Industries on Saturday announced that it has raised Rs. 6,441.3 crores ($847 million) from two US-based private equity firms by selling minority stakes in Jio Platforms. According to the company, American investment firm, TPG, will buy a 0.93% stake for Rs. 4,546.80 crores ($598 million), while L Catterton will pick up a 0.39% stake for Rs. 1,894.50 crores ($249 million). The company had earlier received Rs. 97,885.65 crores from seven global investors.
In a press release announcing the deal, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said:“Today, I am happy to welcome TPG as valued investors in our continued efforts towards digitally empowering the lives of Indians through the creation of a digital ecosystem”. TPG is an investor in other high-profile companies, like Uber, Spotify and Airbnb, while L Catterton has backed companies like Peloton, ClassPass and PVR Cinemas.
Reliance Jio is thelargest wireless carrier in Indiawith more than 388 million subscribers. However, more than its telecom network, its the company’s digital services that are apparently attracting the attention of global investors. The company offers a number of apps for live TV, music streaming, movies, payments, news, and more.
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