Silver Lake Invests an Additional Rs 4,546 Crores in Jio Platforms

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US Private Equity Firm KKR Invests $1.5 billion in Reliance Jio
Having invested Rs. 5,655.75 crores (round $750 million) in Jio Platforms earlier this month, US non-public fairness fund, Silver Lake, has now reportedly infused a further Rs. 4,546.80 (round $600 million) crores into the corporate. The funding raises Silver’s Lake stake in Jio Platforms from 1.15% to 2.08%, mentioned Reliance Industries (RIL) on Friday. Jio Platforms homes Reliance’s telecom arm, Jio Infocomm, alongside the corporate’s music and video streaming apps.

In a press launch, Mukesh Ambani, the chairman and MD of RIL, mentioned: “We are happy to have their confidence and assist, in addition to the good thing about their management in world know-how investing … Silver Lake’s further funding in Jio Platforms, inside a span of 5 weeks throughout the COVID-19 pandemic, is a powerful endorsement of the intrinsic resilience of the Indian financial system, which can absolutely develop larger with complete digital enablement”.

Reliance yesterday additionally introduced a Rs. 9,093.6 crores ($1.2 billion) funding in Jio Platforms from Abu Dhabi state fund, Mubadala Investment. Prior to that, the corporate introduced a sequence of different blockbuster offers in Jio Platforms, beginning with a 9.9% stake sale to Facebook in April for Rs. 43,574 crores (round $5.7 billion).

The first spherical of funding from Silver Lake got here quickly thereafter, adopted by offers with numerous world fairness funds. In May, US-based Vista Equity Partners purchased 2.32 p.c stake in Jio Platforms for Rs. 11,367 crores (round $1.5 billion). Days later, world fairness agency, General Atlantic, picked up 1.34 p.c stake within the firm. Thereafter, US-based non-public fairness agency, KKR, purchased a 2.32 p.c stake in Jio Platforms for Rs. 11,367 crores ($1.5 billion).

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