BH CORRESPONDENT, Mumbai: Within weeks of US-based Facebook’s investment of $5.7 billion in Mukesh Ambani’s Reliance Jio comes another multi-million dollar investor.
On Monday, Reliance Industries confirmed that private equity firm Silver Lake will invest Rs 5,656 crore ($746.74 million) in its digital arm to acquire a 9.99 per cent stake in Jio Platforms — the digital services entity that houses Reliance’s telecoms arm Jio Infocomm, as well as its news, movie and music apps.
The transaction is subject to regulatory and other customary approvals. Mukesh Ambani, chairman and managing director, Reliance Industries, said, “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally.. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.”
Egon Durban, Silver Lake co-CEO and managing partner, said, “Jio Platforms is one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualising a courageous vision. The market potential they are addressing is enormous, and we are honoured and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission.”
Jio Platforms is a wholly-owned subsidiary of Reliance Industries and Reliance Jio Infocomm.