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Reliance Jio-General Atlantic deal: US equity firm invest ₹6,600 cr 1.34% stake

The telecom unit of Reliance Industries Ltd (RIL) Reliance Jio has sold a 1.34 per cent to US-based private equity firm General Atlantic for Rs 6598.38 crore.

India TV Business Desk India TV Business Desk
Mumbai Updated on: May 17, 2020 17:59 IST
Reliance Jio-General Atlantic deal
Image Source : DEVESH ARORA

Reliance Jio-General Atlantic deal

The telecom unit of Reliance Industries Ltd (RIL) Reliance Jio has sold a 1.34 per cent to US-based private equity firm General Atlantic for ₹ 6,598.38 crore. This is the fourth such stake sale in the last four weeks. General Atlantic had earlier helped fund Airbnb Inc. and Uber Technologies Inc.,

The investment in Jio Platforms will be GA's largest investment in Asia. Jio Platforms has raised Rs 67,194.75 crore from leading technology investors, including Facebook, Silver Lake Partners, Vista Equity Partners and General Atlantic, in less than four weeks.

This investment continues to reaffirm Jio as a next-generation software product and platform company, the company said in a statement.

Jio Platforms said, "This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore."

Chairman and Managing Director of Reliance Industries Mukesh Ambani said, "I am thrilled to welcome General Atlantic, a marquee global investor, as a valued partner. I have known General Atlantic for several decades and greatly admired it for its belief in India’s huge growth potential. General Atlantic shares our vision of a Digital Society for India and strongly believes in the transformative power of digitization in enriching the lives of 1.3 billion Indians. We are excited to leverage General Atlantic’s proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio."

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