- Vista Equity Partners is buying a 2.3% stake in Reliance Industries’ Jio Platforms for 113.7 billion rupees (about $1.5 billion)
Vista Equity Partners is buying a 2.3% stake in Reliance Industries’ Jio Platforms for 113.7 billion rupees (about $1.5 billion). This news comes on the heels of Facebook investing $5.7 billion in Jio for a 9.99% stake and Silver Lake investing $747 million into the company recently.
Jio Platforms has raised a total of about 606 billion rupees from technology investors in total.
“We are excited to leverage the professional expertise and multi-level support that Vista has been offering to its investments globally for the benefit of Jio,” said Reliance Industries Chairman Mukesh Ambani in a statement.
Ambani is the richest person in Asia and he recently announced a series of fund-raising initiatives as part of a proposal to reduce the debt of the company. Last month, Reliance Industries said that the net debt of the group would be slashed to zero — which is ahead of the early 2021 target according to Business-Standard.
“Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, has built a platform to scale and advance the data revolution it started. We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India,” stated Robert F. Smith, CEO at Vista Equity Partners.
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