Silver Lake, Co-Investors to Put Extra Rs. 4,547 Crores in Jio Platforms

Technology

Reliance Industries late on Friday mentioned US non-public fairness fund Silver Lake and its co-investors will make investments a further Rs. 4,546.80 crores within the firm’s digital unit Jio Platforms. The funding comes on high of the Rs. 5,656 crores Silver Lake dedicated to Jio Platforms earlier this month. Silver Lake’s new funding provides Jio Platforms — which homes Reliance’s telecoms arm Jio Infocomm and its music and video streaming apps — an enterprise worth of Rs. 5.16 lakh crores, Reliance mentioned in a regulatory submitting, and takes Silver Lake’s stake to 2.08 % from simply over 1 %.

Reliance has now bought almost 20 % of Jio Platforms to traders, together with Facebook, securing round $12 billion in lower than six weeks. The deal provides to a latest flurry of fund-raising exercise by the oil-to-telecoms big, managed by India’s richest man Mukesh Ambani, together with a $7 billion share sale, with plans to eradicate $21.Four billion of internet debt by the top of the 12 months.

“The investment momentum behind Jio validates a compelling business model and underscores our admiration for Mukesh Ambani…,” Egon Durban, Silver Lake’s Co-CEO mentioned within the assertion. Silver Lake has about $40 billion in property below administration, together with investments in Twitter, Dell Technologies, and film theatre chain AMC Entertainment Holdings.

Reliance plans to wrap up the majority of its non-public fundraising by the third quarter earlier than exploring a 2021 public itemizing within the United States, the place it’s eyeing a valuation of $90 billion to $95 billion for Jio Platforms, Reuters reported beforehand.

© Thomson Reuters 2020

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