Reliance Industries said on Friday private equity firm Vista Equity Partners would invest Rs. 11,367 crores in its digital business unit for a 2.32 percent stake, in a boost to the conglomerate’s effort to pare debt.
The investment values Jio Platforms, which houses telecoms venture Reliance Jio Infocomm and other digital businesses, at an equity value of Rs 4.91 lakh crores and enterprise value of Rs 5.16 lakh crores, Reliance said.
The deal comes little over two weeks after Reliance said Facebook will buy a 9.99 percent stake in Jio Platforms, and just days after the Mumbai-based company announced a $750 million (Rs. 5,656 crores) investment by private equity firm Silver Lake.
It will help the energy-to-telecoms giant, controlled by billionaire tycoon Mukesh Ambani, meet its target to eliminate $21.4 billion (roughly Rs. 1.62 lakh crores) of net debt by the end of the year.
Reliance last month reported a 39 percent decline in March quarter profit, hit by a sharp fall in oil prices and lower fuel demand.
© Thomson Reuters 2020