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Home / Business News / How Reliance’s Jio Platforms snapped 10 deals in 2 months

How Reliance’s Jio Platforms snapped 10 deals in 2 months

The oil-to-telecoms conglomerate said on Saturday global investment firm TPG will buy a 0.93% stake for Rs 4,546.80 crore ($598 million), while private equity firm L Catterton will pick up a 0.39% stake for Rs 1894.50 crore ($249 million).

business Updated: Jun 14, 2020 08:44 IST
hindustantimes.com| Edited by: Meenakshi Ray
hindustantimes.com| Edited by: Meenakshi Ray
Hindustan Times, New Delhi
Reliance, which is controlled by India’s richest man Mukesh Ambani, has now sold just over 22% of Jio Platforms to investors including Facebook Inc, securing $13.72 billion in eight weeks.
Reliance, which is controlled by India’s richest man Mukesh Ambani, has now sold just over 22% of Jio Platforms to investors including Facebook Inc, securing $13.72 billion in eight weeks.(Reuters file photo)

Reliance Industries has raised Rs 64.4 billion ($847 million) from the sale of two stakes in its digital unit Jio Platforms, making them the tenth deals in less than two months.

The oil-to-telecoms conglomerate said on Saturday global investment firm TPG will buy a 0.93% stake for Rs 4,546.80 crore ($598 million), while private equity firm L Catterton will pick up a 0.39% stake for Rs 1894.50 crore ($249 million).

Reliance, which is controlled by India’s richest man Mukesh Ambani, has now sold just over 22% of Jio Platforms to investors including Facebook Inc, securing $13.72 billion in eight weeks.

Also read: L Catterton to invest Rs 1,894.50 crore in RIL’s Jio Platforms

“With this investment, Jio Platforms has raised Rs 102,432.45 crore from leading global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, and TPG since April 22, 2020,” RIL said.

Here how the deal book opened for RIL’s Jio Platforms:

* Facebook picked up a 9.99% stake in the firm that houses India’s youngest but largest telecom firm on April 22 for Rs 43,574 crore.

* Silver Lake, the world’s largest tech investor, bought a 1.15% stake in Jio Platforms for Rs 5,665.75 crore on May 4.

* US-based Vista Equity Partners bought 2.32% stake in Jio Platforms for Rs 11,367 crore on May 8.

* Global equity firm General Atlantic on May 17 picked up 1.34% stake in Jio Platforms for Rs 6,598.38 crore.

* This was followed by US private equity giant KKR buying 2.32% for Rs 11,367 crore on May 22.

* Abu Dhabi sovereign wealth fund Mubadala Investment picked up 1.85% in Jio Platforms for Rs 9,093.60 crore on June 5.

* On that day, private equity fund Silver Lake invested another Rs 4,546.80 crore for additional 0.93% stake in Jio Platforms.

* Abu Dhabi Investment Authority (ADIA) has taken a 1.16% equity stake in Jio Platforms.

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