- Reliance Industries has raised the equivalent of about $847 million from the sale of two stakes in its digital unit Jio Platforms. These are the details.
Reliance Industries has raised the equivalent of about $847 million from the sale of two stakes in its digital unit Jio Platforms said the company over the weekend.
TPG is going to buy a 0.93% stake for $598 million and L Catterton will gain a 0.39% stake for $249 million.
With these investments, Reliance has sold over 22% of Jio Platforms and closed $13.72 billion in the last weeks.
“Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services,” said TPG co-CEO Jim Coulter in a statement.
TPG — which has over $79 billion of assets under management — is known for being an early investor in tech companies like Spotify, Uber, and Airbnb. And L Catterton is generally known for making investments in consumer-focused brands like Nature’s Variety, FabIndia, and Peloton.
Jio Platforms include Reliance’s telecommunications arm Jio Infocomm and the music and video streaming apps. And with this investment, it gives the company an enterprise value of $67.87 billion.
Jio Infocomm is known for being the largest Indian telecommunications company based on subscribers with over 376 million users. The company was able to grow quickly since it launched in 2016 by offering free voice services and low-priced data plans.
With these deals and a $7 billion share sale, Reliance is planning to meet its target of paying off $21.4 billion of net debt by the end of the year.
Read More On Pulse 2.0:
Jio Platforms: $1.2 Billion From Mubadala Investment And $602 Million From Consortium Led By Silver Lake
Jio Platforms Now Valued At About $68 Billion Following General Atlantic Investment
Jio Platforms Raises $750 Million From Abu Dhabi Investment Authority
Vista Equity Partners Buying 2.3% Stake In Jio Platforms For About $1.5 Billion
Trending on Pulse 2.0
- CAT Labs: This Company Is Redefining The $30+ Billion Global Cybersecurity Forensics Technology Market
- AMP Robotics Closes $99 Million To Build Systems That Can Sort Recyclable Materials
- Huntress: Managed Security Platform Company Raises $60 Million
- Apple iPad Pro 5 vs iPad Pro 4: Differences You Should Know About