New Delhi: Following in Facebook’s footsteps, US private equity giant KKR & Co. Inc. has bought a 2.32 per cent stake in the digital unit Reliance Industries for Rs 11,367 crore, the billionaire Mukesh Ambani-led firm said on Friday. Also Read - Mark Zuckerberg Names His Goat Bitcoin, Internet Asks is it Ultimate Top Signal?
This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Also Read - YouTuber Rahul Vohra's Last Post: Treatment Acha Mil Jata To Mai Bhi Bach Jata...
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: “I am delighted to welcome KKR, one of the world’s most respected financial investors, as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians.”
“KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We are looking forward to leveraging KKR’s global platform, industry knowledge and operational expertise to further grow Jio,” Ambani said.
Henry Kravis, Co-Founder and Co-CEO of KKR, said: “Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution.”
“We are investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and Asia Pacific,” Kravis said.
This is the fifth deal Reliance has struck in four weeks for sale of minority stake in the unit that houses India’s youngest but largest telecom firm, Jio.
Prior to this, Jio Platforms had raised Rs 67,194.75 crore from leading technology investors including Facebook, Silver Lake Partners, Vista Equity Partners and General Atlantic.
(With inputs from PTI and IANS)