Reliance Industries, Indian oil-to-telecoms conglomerate raised a total of INR. 6,441.3 crores from the sale of two stakes in its digital unit Jio Platforms, as said by the group on Saturday.
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TPG, a global investment firm would be buying a 0.93 percent stake for INR. 4,546.70 crores, whereas private equity firm L Catterton would be picking up a 0.39 percent stake for INR. 1,894.50 crores, said Reliance. As of now, Reliance has sold over 22 percent of Jio Platforms to investors like that of Facebook, leading it to secure $13.72 billion in eight weeks.
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“Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services,” TPG co-CEO Jim Coulter said in a statement.
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TPG is an investor in technology, with more than $70 billion of assets in companies like Airbnb, Uber and Spotify. On the other hand, L Catterton has a partnership with French luxury group LVMH and investment firm Groupe Arnault that focusses on consumer-centric brands.
Reliance said that the investments in Jio Platforms that comprises Reliance’s telecom arm Jio Infocomm and its music and video streaming services, takes up the valuation to $67.87 billion. So far, Reliance Infocomm is the biggest telecom firms by subscribers that has more than 376 million subscribers.