Business & Finance

Third Deal For Reliance Jio, To Sell 2% Stake To Vista Equity Partners

RIL is on course to become a debt-free company earlier than its deadline as Jio Platforms has raised Rs 60,500 crore in less than three weeks.

New Delhi| US-based Vista Equity Partners will buy 2.32% stake worth Rs 11,367 crore in Jio Platforms, Reliance Industries said on Friday.

Jio Platforms houses Reliance Industries’s telecoms arm Reliance Jio Infocomm and the deal will value at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

In a statement released early on Friday, billionaire Mukesh Ambani-led Reliance Industries said that the investment will make Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook.

In just three weeks, this is the third stake sale by RIL, earlier social media giant Facebook and private equity (PE) Silver Lake having invested.

“I am delighted to welcome Vista, one of the world’s marquee tech investors globally as a valued partner. They believe in the transformative power of technology to be the key to an even better future for everyone,” Mr Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said.

Also Read: Reliance Industries Announces 50% Pay Cut, Mukesh Ambani To Not Take Any Pay

The three leading technology investors now own a 13.4% stake in Jio Platforms. All the three businesses are subject to regulative approvals, with the one with Facebook likely to undergo tighter examination given concerns over net neutrality.

RIL is on course to become a debt-free company much earlier than its deadline of march as Jio Platforms has raised Rs 60,500 crore in less than three weeks.

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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