Mumbai: Reliance Industries Limited and Jio Platforms Limited on Monday said that US private equity firm Silver Lake would invest Rs 5,655.75 crore into Jio Platforms. for a 1.15 per cent stake, a deal which came less than two weeks after Facebook announced a USD5.7 billion investment into the unit of Reliance Industries.
According to an official statement, this investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020.
‘Silver Lake, respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation,” Chairman and Managing Director, Reliance Industries Ltd, Mukesh Ambani said.
Jio Platforms is a wholly-owned subsidiary of Reliance Industries Limited focussed on next-generation technologies. Reliance Jio Infocomm, which provides connectivity platform to over 388 million subscribers, would continue to be a wholly-owned subsidiary of Jio Platforms, the statement added.