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General Atlantic to buy 1.34% equity stake in Jio Platforms

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Reliance Industries (RIL) and Jio Platforms on 17 May 2020 announced an investment of Rs 6,598.38 crore by General Atlantic, a leading global growth equity firm.

This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. General Atlantic's investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis. The transaction is subject to regulatory and other customary approvals.

With this investment, Jio Platforms has raised Rs 67,194.75 crore from leading technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.

Jio Platforms, a wholly-owned subsidiary of RIL, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and lockchain.

Seperately, RIL on 16 May 2020 informed that the rights issue committee of the board of directors, has approved issue opening date of 20 May 2020 and closing date of 3 June 2020.

RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 18 2020. 08:24 IST