General Atlantic buys 1.34 per cent stake in Reliance Jio platforms for Rs 6,598.38 crore
New Delhi | Agencies: US-based private equity firm General Atlantic has picked up 1.34 per cent stake in the digital unit of Reliance Industries for Rs 6,598.38 crore, the Mukesh Ambani firm said on Sunday as reported by PTI.
The investment in Jio Platforms will be GA's largest investment in Asia.
Jio Platforms has raised Rs 67,194.75 crore from leading technology investors, including Facebook, Silver Lake Partners, Vista Equity Partners and General Atlantic, in less than four weeks.
In a statement, the company said, "This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. General Atlantic's investment will translate into a 1.34 per cent equity stake in Jio Platforms on a fully diluted basis."
"This investment continues to reaffirm Jio as a next-generation software product and platform company," it added.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "I have known General Atlantic for several decades and greatly admired it for its belief in India's huge growth potential. We are excited to leverage General Atlantic's proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio," as quoted by PTI.
Bill Ford, Chief Executive officer of General Atlantic, said that company backs global technology leaders and visionary entrepreneurs and are fully excited to be investing the company.
"We share Mukesh Ambani’s (RIL Chairman) conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. 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," he said as quoted by PTI.
General Atlantic is a leading global growth equity firm with 40-year track record of investing in consumer, technology, financial services and healthcare sectors.
(with PTI inputs)
Posted By: James Kuanal