sb.scorecardresearch
Advertisement

Published 07:53 IST, June 14th 2020

TPG to invest Rs 4,546.80 Cr in Jio Platforms for 0.93% equity stake

The Reliance Industries on Saturday, June 13, announced that global alternative asset firm TPG will invest ₹ 4,546.80 crore in their digital unit-Jio Platforms.

Reported by: Brigitte Fernandes
Follow: Google News Icon
  • share
TPG
null | Image: self
Advertisement

The Reliance Industries on Saturday, June 13, announced that global alternative asset firm TPG will invest ₹ 4,546.80 crore in their digital unit-Jio Platforms. The investment will be at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. For TGP this investment will translate into a 0.93% equity stake in Jio Platforms on a fully diluted basis.

"With this investment, Jio Platforms has raised ₹ 102,432.45 crore from leading global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, and TPG since April 22, 2020", the company said in a statement.

The vision of Jio Platforms is to enable a Digital India for 1.3 billion people and businesses across the country. This includes small merchants, micro-businesses, and farmers so that all can enjoy the results of inclusive growth, the release said.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, expressed his happiness over the investment and welcomed the investors.

“Today, I am happy to welcome TPG as valued investors in our continued efforts towards digitally empowering the lives of Indians through the creation of a digital ecosystem. We have been impressed by TPG’s track record of investing in global technology businesses which serve hundreds of millions of consumers and small businesses, making the societies we live in better," Ambani said.

READ | Nita Ambani grateful to me for recommending Kieron Pollard to Mumbai Indians: Dwayne Bravo

Jim Coulter, Co-CEO TPG asserted that his company is excited to play an early role in Jio's journey as they continue to transform and advance India's digital economy.

“We are excited to partner Reliance to invest in Jio. As an investor in growth, change, and innovation for over 25 years – and with a longstanding presence in India -- we are excited to play an early role in Jio's journey as they continue to transform and advance India's digital economy," Coulter said.

Adding further the TPG Co-CEO said, "Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services. The company is bringing unmatched potential and execution capabilities to the market, setting the tone for all technology companies to come."

READ | UK court orders Anil Ambani to pay USD 717mn to Chinese banks

About the investor-TGP

Founded in 1992, the leading global alternative asset firm TPG has more than $79 billion of assets under management across a broad range of asset classes. This includes private equity, growth equity, real estate and public equity.

The firm has built an ecosystem made up of hundreds of portfolio companies and a value-added network of professionals, executives, and advisors around the world in its 25-year history. TGP's major investment in global technology companies includes Airbnb, Uber, Spotify, and many more.

READ | 'You are the wind beneath my wings', Tina Ambani wishes husband Anil Ambani on 61st b'day

READ | Mukesh Ambani worth $36.8bn, drops to 2nd in Forbes richest sports teams owners' list

07:53 IST, June 14th 2020