Categories: Business

Silver Lake will also invest in Reliance Jio, purchase stake for Rs 5655 crore

Silver Lake to invest Rs 5655 crore in Reliance Jio Platforms

Mumbai. After Facebook, now another American company Silver Lake has announced an investment in Reliance Jio. Reliance Industries Limited said on Monday that US private equity company Silver Lake will now invest Rs 5655.75 crore in the Jio platform. According to the company, Facebook had earlier announced an investment of about Rs 43,000 crore in Jio last month.

With this investment, the equity value of the Jio platform has been valued at Rs 4.90 lakh crore and the value of the enterprise at Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity value of Facebook's investment announced on April 22. RIL Chairman and Managing Director Mukesh Ambani said that I am pleased to welcome Silver Lake as a key partner in the sustainable development and transformation of the Indian digital eco-system for the benefit of all Indians.

On April 30, Reliance Industries said that it had received a strong investment offer from investors and large investments were coming for the Jio platform and like Facebook's investments, new investments could be announced next month. Silver Lake has been an important partner of the world's leading technology companies and has a superior record in this regard.

Mukesh Ambani said that Silver Lake is one of the respected companies in the field of technology and finance. He said that we are thrilled to take advantage of his global technology experience to bring change in Indian digital society. Reliance Jio Infocomm Limited has 38.8 crore subscribers and will remain a wholly owned subsidiary of the Jio platform.

Aegon Durban, co-CEO and managing partner of Silver Lake, said the Jio platform is one of the world's notable companies and is led by an incomparable, powerful and entrepreneurial management team that is truly inspired by a bold philosophy. He further said that there is a huge potential in the market that they have. We are proud and happy to be a partner of Mukesh Ambani and his team of Reliance Jio.

Jio aims to realize the dream of Digital India for the country's 1.3 billion people, businessmen, especially small traders and farmers. The consolidated turnover of Reliance in the first quarter of this year was Rs 6,59,205 crore, cash profit Rs 71,446 crore and net profit was Rs 39,880 crore. Facebook has invested Rs 43,674 crore last month in the Jio platform led by the oil, retail and telecom company group in India. Mukesh Ambani said that in the near future, Jio Mart and WhatsApp will add 30 million small grocery shops in India and they will start doing digital transactions with their neighborhood customers.

This post was published on May 4, 2020 12:22 pm

Content Team

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