Business & Finance

Week After Deal With FB, Mukesh Ambani’s Jio Gets Silver Lake Investment

Silver Lake Rs. 5,656 crores investment comes after Facebook said it would spend Rs. 43,574 crores to buy a 9.99% stake in Jio Platforms.

New Delhi| On Monday, Reliance Industries Ltd said Silver Lake, a private equity firm, will invest Rs. 5,656 crores ($746.74 million) 1.15% stake in its digital arm, Jio platforms, giving it a valuation of Rs. 4.90 lakh crores.

The deal comes a week after Facebook said it would spend Rs. 43,574 crores to buy a 9.99% stake in Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL).

The Silver Lake’s deal represents a 12.5% premium to the equity valuation of the Facebook investment into Jio Platforms.

Airbnb, Alibaba, Ant Financial, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders are some of Silver Lake’s investments.

Mukesh Ambani, RIL chairman and managing director said Silver Lake has an excellent record of being a valuable partner for leading technology firms globally.

Also Read: Mukesh Ambani Now Asia’s Richest Person, Overtakes Jack Ma

“Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation,” Indian Billionaire said.

Jio Platforms is described as one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision by Silver Lake co-CEO and managing partner Egon Durban.

The Silver Lake-Jio deal is subject to regulatory and other customary permissions.

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