Reliance Industries is on something of a hot streak of overseas investment, having sold a 1.34% stake in its digital unit Jio Platforms to US-based private equity firm General Atlantic.
The INR66 billion ($868.4 million) deal comes hot on the heels of recent US investment into Jio Platforms, with Vista Equity Partners acquiring a 2.32% stake last week. Prior to this, Silver Lake recently bought a 1% stake in the unit while Facebook became its largest minority shareholder in April by spending $5.7 billion on a 9.99% stake.
In total, the four investments have raised around $8.8 billion for Reliance Industries and given Jio Platforms a valuation of around $65 billion. The digital unit operates Reliance Industries’ broadband and eCommerce offerings, as well as the Indian mobile market leader Reliance Jio.
General Atlantic CEO Bill Ford noted that Jio’s resounding impact on the Indian market had been a major factor in its decision to invest, saying: “General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India.”
