Reliance Industries on Saturday announced that it had sold a 0.93% stake in its digital services arm Jio Platforms to American investment c...
Reliance Industries on Saturday announced that it had sold a 0.93% stake in its digital services arm Jio Platforms to American investment company TPG Capital for Rs 4,546.80 crore. The multinational conglomerate said that with the latest deal, it has raised over Rs 1 lakh crore from leading global investors, including social media giant Facebook.
“Global alternative asset firm TPG will invest Rs 4,546.80 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore,” Reliance said in a statement. “With this investment, Jio Platforms has raised Rs 102,432.45 crore from leading global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, Mubadala, Abu Dhabi Investment Authority, and TPG since April 22, 2020.”
The deals with global investors will enable Reliance Industries to completely eliminate its net debt by the end of 2020-’21, according to reports. At the end of the March quarter, Reliance’s debt stood at Rs 3,36,294 crore while its cash in hand was 1,75,259 crore. After adjusting cash, the net debt came to Rs 1,61,035 crore.
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Reliance Industries Chairperson Mukesh Ambani...
