Published 09:20 IST, June 6th 2020
Jio get additional Rs 4,546 Cr from Silver Lake, co-investors after initial Rs 5,655 Cr
American private equity giant Silver Lake, which had invested in Jio Platforms earlier, has made an additional investment of Rs 4,546.80 crore in the firm
- Republic Business
- 2 min read
Reliance Jio on Saturday announced that American private equity giant Silver Lake has made an additional investment of Rs 4,546.80 crore in the Indian telecom leader. Earlier, Silver Lake had invested Rs 5,655.75 crore in Jio which was announced by Reliance, around a month back, on May 4. The aggregate investment by Silver Lake and its co-investors stands at Rs 10,202.55 crore.
"Silver Lake and its co-investors are valued partners as we continue to grow and transform the Indian digital ecosystem for the benefit of all Indians. We are pleased to have their confidence and support, as well as the benefit of their leadership in global technology investing and their valued network of relationships, as we drive the Indian Digital Society's transformation," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd.
"I would like to emphasise that Silver Lake's additional investment in Jio Platforms, within a span of five weeks during the COVID-19 pandemic, is a strong endorsement of the intrinsic resilience of the Indian economy, which will surely grow bigger with comprehensive digital enablement," he added.
Commenting on the investment, Egon Durban, Silver Lake Co-CEO and Managing Partner, stated, "We are excited to increase our exposure and bring more of our co-investors into this opportunity, further supporting Jio Platforms in its mission to bring the power of high-quality and affordable digital services to a mass consumer and small businesses population. The investment momentum behind Jio validates a compelling business model and underscores our admiration for Mukesh Ambani, his team and their courageous vision in creating and building one of the world's most remarkable technology companies."
A day earlier, Reliance announced Abu Dhabi based Mubadala was investing Rs 9,093 crore in Jio Platforms to buy 1.85% equity stake, the sixth such investment in quick succession.
The first one to invest in Reliance Jio was the social media giant Facebook, followed by private investment firms Silver Lake, Vista Equity Partners and General Atlantic. With the investment of Mubadala and the latest, Silver Lake additional investment, Jio Platforms has raised a consolidated investment amounting at Rs 92,202.15 crore in less than six weeks.
Updated 09:20 IST, June 6th 2020