General Atlantic picks 1.34% stake in Jio platforms for Rs 6,598.38 cr

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

Reliance Industries on Sunday announced the sale of 1.34 per cent stake in its digital unit to global equity firm General Atlantic for Rs 6,598.38 crore, the fourth deal in less than four weeks that will inject a combined Rs 67,194.75 crore in the oil-to-telecom conglomerate to help it pare debt.

"This investment values Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion. General Atlantic's investment will translate into a 1.34 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement.

The deal follows Facebook