RIL strikes 5th deal, KKR to invest Rs 11,367 cr in Jio

RIL strikes 5th deal, KKR to invest Rs 11,367 cr in Jio

New Delhi, May 22

KKR'S LARGEST INVESTMENT IN ASIA

  • The transaction values Jio Platforms at an equity value of Rs 4.91 lakh cr and an enterprise value of Rs 5.16 lakh crore
  • This is KKR’s largest investment in Asia and will translate into a 2.32% equity in Jio on a fully diluted basis
  • The deal follows Facebook picking up a 9.99% stake in the firm, housing India’s youngest but largest telecom company, on April 22 for Rs 43,574 crore

Reliance Industries (RIL) on Friday announced the sale of a 2.32% stake in its digital unit to US private equity giant KKR for Rs 11,367 crore, the fifth deal in four weeks that will inject a combined Rs 78,562 crore in the oil-to-telecom conglomerate to help it pare debt. This is KKR’s largest investment in Asia.

“This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. This is KKR’s largest investment in Asia and will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis,” the company said.

The deal follows Facebook picking up a 9.99% stake in the firm, housing India’s youngest but largest telecom company, on April 22 for Rs 43,574 crore.

Within days of that deal, Silver Lake — the world’s largest tech investor — bought a 1.15% stake in Jio Platforms for Rs 5,665.75 crore.

On May 8, US-based Vista Equity Partners bought 2.32% stake in Jio Platforms for Rs 11,367 crore. On May 17, global equity firm General Atlantic picked up 1.34% stake in Jio Platforms for Rs 6,598.38 crore.

“Over the last month, leading technology investors, such as Facebook, Silver Lake, Vista, General Atlantic and KKR have announced aggregate investments of Rs 78,562 crore into Jio Platforms,” it said.

Diverse marquee investors are becoming long-term shareholders of Jio Platforms Ltd (JPL) because of a unique set of technologies and platforms under one entity. There are no similar opportunities available anywhere else globally.

Investments by leading global growth investors will enable Jio to scale its ecosystem and reaffirm the firm as a next generation software product and platform company.

“Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers,” the statement said. — PTI

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