Reliance's Jio Platforms gets 5th investment; KKR's Rs 11,367cr takes total to Rs 78,562cr

In a significant development, Reliance Industries Ltd (RIL) said private equity firm KKR will invest Rs 11,367 crore for a 2.32% stake in Jio Platforms. This deal is fifth big investment in Jio in quick succession, after social media giant Facebook and private investment firms Silver Lake, Vista Equity Partners and General Atlantic, with total investment amount w standing at Rs 78,562 crore.

This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. deal is said to be largest ever by KKR in Asia.

READ | Coronavirus Live Updates: Centre Sets Fare Limit On Domestic Flights; Cases Soar To 112359

READ | Centre Sets Minimum, Maximum Fares For 3 Months As Domestic Flights Resume From 25 May

“This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs5.16 lakh crore. This is KKR’s largest investment in Asia and will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis,” RIL said in a release on Friday.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted to welcome KKR, one of world’s most respected financial investors, as a valued partner in our onward march to growing and transforming Indian digital ecosystem for benefit of all Indians. KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We are looking forward to leveraging KKR’s global platform, industry kwledge and operational expertise to furr grow Jio.”

READ | Congress Calls 18-party Opposition Meet; Shiv Sena, NCP To Attend & AAP, SP, BSP Skip

READ | Vande Bharat Mission: Delhi, Kochi Bound Flight From Rome Takes Off With 239 Passengers

Henry Kravis, Co-Founder and Co-CEO of KKR, said, “Few companies have potential to transform a country’s digital ecosystem in way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next generation techlogy leader in India that is unmatched in its ability to deliver techlogy solutions and services to a country that is experiencing a digital revolution. We are investing behind Jio Platforms’ impressive momentum, world-class invation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading techlogy companies in India and Asia Pacific.”