RIL sells another 2.32% in Jio, this time to Vista Equity for Rs 11,367 cr

This is Jio's third major announcement in three weeks after it previously sold stakes to Facebook and Silver Lake

Reliance Jio Platforms, part of Mukesh Ambani-controlled Reliance Industries group, has sold a 2.32 per cent stake to US-based private equity firm Vista Equity on a fully diluted basis for Rs 11,637 crore. This is a third major equity deal for Jio Platforms in three weeks — it previously sold a 9.9 per cent stake to Facebook for Rs 43,534 crore, and then 1.5 per cent to Silver Lake for Rs 5,655 crore.
 
The Vista Equity investment has valued Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion. Vista’s investment will make Vista it “the largest investor in Jio Platforms behind Reliance Industries and Facebook”. Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.

 
Vista is a global investment firm focused on empowering and growing enterprise software, data and technology-enabled companies. It has more than $57 billion in cumulative capital commitments and its global network of companies collectively represents the fifth-largest enterprise software company in the world.

 
Commenting on the deal, Reliance Industries Chairman and Managing Director Mukesh Ambani said: “I am delighted to welcome Vista, one of the world’s marquee tech investors as a valued partner. Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. They believe in the transformative power of technology to be the key to an even better future for everyone. In Robert and Brian, whose family hails from Gujarat, I found two outstanding global technology leaders who believe in India and the transformative potential of a Digital Indian Society. 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.”

Commenting on the investment, Robert F. Smith, Founder, Chairman and CEO of Vista, said, “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have 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, providing modern consumer, small business and enterprise software to fuel the future of one of the world’s fastest growing digital economies.”

The transaction will be subject to regulatory and other customary approvals.