Day: May 18, 2020

Jio to Get Rs. 6,598 Crores Investment From General Atlantic

Reliance Industries on Sunday announced US fund General Atlantic will invest Rs. 6.598 crores ($870 million) in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month. General Atlantic will pick up a 1.34 percent stake in Jio Platforms which includes movie, music apps as wells telecoms venture Jio Infocomm. The deal puts Jio Platform’s equity value at Rs. 4.91 lakh crores and gives it an enterprise value of Rs. 5.16 lakh crores, Reliance said in a statement.

Reliance, controlled by billionaire Mukesh Ambani, last month forged a Rs. 43,574 crores deal with Facebook for a 9.99 percent stake in Jio Platforms.

Days later it secured a Rs. 5,656 crores investment from private equity firm Silver Lake.

The deals, along with Reliance’s plan to sell $7 billion (roughly Rs. 53,100 crores) in new shares, will help

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