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Reliance Jio Sells 1.34% Stake to US Equity Firm General Atlantic for Rs 6,598 Crore

Reliance Jio has raised ₹ 67,000 crores from leading technology investors including FB, Silver Lake, Vista PE & General Atlantic in the last month.

New Delhi| The telecom unit of Reliance Industries Ltd (RIL), Reliance Jio, has sold a 1.34% to New-York headquartered private equity firm General Atlantic for Rs 6598.38 crore.

General Atlantic to invest Rs 6,598.38 crores in Jio Platforms for a 1.34% equity stake on a fully diluted basis, Reliance Industries Limited said in a statement.
Jio Platforms houses RIL’s telecoms arm Reliance Jio Infocomm.
RIL is on course to become a debt-free company much earlier than its deadline of march as Jio Platforms has raised Rs 67,194.75 crore in the last four weeks.

Jio Platforms has raised capital from leading technology investors including Facebook, Silver Lake Partners, Vista Equity Partners and General Atlantic in the last month.

Also Read: “Bravo Mukesh!”, Anand Mahindra Lauds Jio-Facebook Deal

The three leading technology investors now own a 14.74% stake in Jio Platforms. All the four businesses are subject to regulative approvals, with the one with Facebook likely to undergo tighter examination given concerns over net neutrality.

RIL is also raising 53,215 crores via a rights issue as part of its plans to be debt-free. The company has appointed nine investment banks for its planned fundraise, as per a Mint report.

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