KKR has become the fifth major foreign investor in Jio Platforms in a month, acquiring a 2.32% stake in the digital unit for INR113.7 billion (US$1.5 billion).
Reliance Industries has confirmed that it has sold 17% of Jio Platforms and brought in a total investment of US$10.46 billion, taking the unit’s valuation up to US$65.4 billion.
KKR’s investment in Jio Platforms is its largest in Asia. Henry Kravis, the co-founder and co-CEO of the US-based private equity firm, described Jio as “a true home-grown next-generation technology leader… unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution.”
Reliance Industries chairman and MD Mukesh Ambani said: : “I am delighted to welcome KKR, one of the world’s most respected financial investors, as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians. KKR shares our ambitious goal of building a premier digital society in India.”