FILE PHOTO – The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave
NEW DELHI (Reuters) – Indian conglomerate Reliance Industries (RELI.NS) said on Sunday U.S. fund General Atlantic will buy 1.34% of its Jio Platforms digital unit for 65.98 billion rupees ($870 million).
With this investment, Jio Platforms, which includes telecoms business Jio Infocomm, has raised almost 672 billion rupees from investors including Facebook Inc (FB.O), Silver Lake and Vista Equity Partners in less than four weeks.
The investment values Jio Platforms at an equity value of 4.91 trillion rupees and an enterprise value of 5.16 trillion rupees, Reliance said in a statement.
Reliance, controlled by tycoon billionaire Mukesh Ambani, forged a $5.7 billion deal with Facebook for a 9.99% stake in Jio Platforms on April 22 and secured a $750 million investment from private equity firm Silver Lake.
Source news reuters.com, click here to read the full news.