- General Atlantic is investing around 66 billion rupees ($873 million) in Reliance Industries Limited (NSE: RELIANCE) subsidiary Jio Platforms
Investment firm General Atlantic is investing around 66 billion rupees ($873 million) in Reliance Industries Limited (NSE: RELIANCE) subsidiary Jio Platforms. The investment is at a 1.3% stake, which values Jio Platforms at an enterprise value of 5.16 trillion rupees (about $68 billion).
And the deal brings the total investment raised by Jio Platforms 671.9 billion rupees following deals made with Facebook, Silver Lake, and Vista Equity Partners.
“General Atlantic’s endorsement and partnership energizes Jio’s young team to set, and achieve, even more ambitious goals,” said Reliance Jio director Akash Ambani in a statement via Bloomberg. “Jio is committed to make a digitally inclusive India that will provide immense opportunities to every Indian citizen especially to our highly talented youth.”
Jio Platforms is known as the umbrella of Jio’s digital apps and wireless platform.
“In just three and a half years, Jio has had a transformational impact in democratizing data and digital services, propelling India to be positioned as a leading global digital economy,” added Sandeep Naik, Managing Director, Head of India and Asia Pacific at General Atlantic.