PE giant Silver Lake to invest over 5,650 crore in Jio platforms, says Reliance
The fresh deal comes just days after social medical giant Facebook said it would invest Rs 43,574 crore to buy almost 10 per cent stake in Jio Platforms, which is the digital services entity.
RIL said the partnership with Silver Lake has “special significance” in the wake of severe economic disruptions caused by the Covid-19 pandemic. (Photo: Reuters)
HIGHLIGHTS
- Private Equity giant Silver Lake will invest over Rs 5,650 crore in Jio Platforms
- Jio Platforms is a wholly-owned subsidiary of Reliance Industries Limited
- The announcement comes days after Facebook said it will buy nealry 10 per cent stake in Jio Platforms
Reliance Industries Limited on Monday announced that private equity firm Silver Lake will invest Rs 5,655.75 crore in its digital arm, valuing Jio Platforms at Rs 4.90 lakh crore.
The fresh deal comes just days after social medical giant Facebook said it would invest Rs 43,574 crore to buy almost 10 per cent stake in Jio Platforms, which is the digital services entity.
In a press statement released in the morning, RIL said the partnership with Silver Lake has “special significance” in the wake of severe economic disruptions caused by the Covid-19 pandemic.
“Comprehensive digitisation will be a vital component of the revitalisation of the Indian economy,” it said.
“It is our strong conviction that no one should be deprived of the tremendous new opportunities, including those for new employment and new businesses, embedded in India’s 360-degree digital transformation.”
Commenting on the transaction with Silver Lake, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.”
“We are excited to leverage insights from their global technology relationships for the Indian digital society’s transformation.”
Also Read | Odisha govt issues lockdown relaxation guidelines in Red, Orange, Green Zones
Also Watch | All you need to know about rules of red, orange and green zones
