Less than a month after securing a Rs 43,574 crore investment from Facebook, Reliance Industries and Jio Platforms has announced that Silver Lake will invest ₹ 5,655.75 crore into the company to get 1.15 per cent stake.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries is a technology company building a digital society for India by bringing together Jio’s digital apps, digital ecosystems and Jio's connectivity platform under one umbrella.
According to a statement from Reliance Industries, this partnership will be vital in India in the wake of severe economic disruptions caused by Covid-19. It will help 'comprehensive digitisation' which will be a vital component of the revitalisation of the Indian economy, according to the company.
Mukesh Ambani, chairman and MD, Reliance Industries, said, “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has anoutstanding record of being a valuable partner for leading technology companies globally. 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.”
Egon Durban, co-CEO and managing partner, Silver Lake, said, “Jio Platforms is one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualising a courageous vision. They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous, and we are honored and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission.”
The transaction is subject to regulatory and other customary approvals.
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