NEW DELHI (Reuters) – India’s Reliance Industries (RELI.NS) on Sunday announced U.S. fund General Atlantic will invest 65.98 billion rupees ($870 million) in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month.
FILE PHOTO – The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave
General Atlantic will pick up a 1.34% stake in Jio Platforms which includes movie, music apps as wells telecoms venture Jio Infocomm.
The deal puts Jio Platform’s equity value at 4.91 trillion rupees and gives it an enterprise value of 5.16 trillion, Reliance said in a statement.
Reliance, controlled by billionaire Mukesh Ambani, last month forged a $5.7 billion deal with Facebook for a 9.99% stake in Jio Platforms.
Days later it secured a $750 million investment from private equity firm Silver Lake.
The deals, along with Reliance’s plan to sell…
Source Reuters Tech News
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