US-Based Silver Lake, Co-Investors To Up Stake In Jio Platforms To 2.1%
- The fresh investment by Silver Lake and others values Jio Platforms at an enterprise value of Rs 5.16 lakh crore, Reliance Industries said in a statement released late on Friday.
- With this investment, Jio Platform has raised Rs 92,202.15 crore from technology investors - including US-based Facebook, Vista Equity Partners and General Atlantic - within six weeks.
- Reliance Industries had on May 4 announced an investment of Rs 5,655.75 crore by Silver Lake for a 1.15 per cent stake in Jio Platforms.
- With additional capital infusion of Rs 4,546.80 crore, Silver Lake and its co-investors will own a total 2.08 per cent stake in Jio Platforms, according to Reliance Industries. The transaction is subject to regulatory and other customary approvals, the conglomerate added.
- "I would like to emphasise that Silver Lake's additional investment in Jio Platforms, within a span of five weeks during the COVID-19 pandemic, is a strong endorsement of the intrinsic resilience of the Indian economy, which will surely grow bigger with comprehensive digital enablement," said Mukesh Ambani, chairman and managing director, Reliance Industries.
- Earlier on Friday, Reliance Industries had announced that Abu Dhabi's Mubadala will take a 1.85 per cent equity stake in Jio Platforms for Rs 9,093.60 crore - the Abu Dhabi-based sovereign investor's largest investment in an Indian firm.
- The deals will help Reliance Industries meet Mr Ambani's target of eliminating net debt by the end of the financial year.
- Before the Silver Lake announcement, Reliance Industries shares closed flat at Rs 1,580.60 apiece on the BSE, having touched a record high during the session. The benchmark S&P BSE Sensex index rose 0.90 per cent, continuing its surge after a day's pause.Â
- Abu Dhabi Investment Authority and Saudi Arabia's The Public Investment Fund are in discussions with Reliance Industries to invest in its digital arm, news agency Bloomberg reported this week citing people familiar with the matter.
- Reliance Jio Infocomm - which started in 2016 - has already decimated several rivals with cut-throat pricing and is counting on Reliance Industries' retail network to expand into e-commerce. It provides telecom and digital services under brand Jio, and a connectivity platform to more than 38.8 crore subscribers.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
