New Delhi: Reliance Industries said private equity fund Silver Lake and its co-investors invest an additional $601.40 million (Rs 4,546 crore) in digital unit Jio Platforms.
The investment comes on top of the $750 million Silver Lake committed to Jio Platforms earlier this month.
With this investment, Silver Lake’s stake in Reliance Jio raises 2.08 percent from earlier 1.15 percent.
The deal controlled by India’s richest man Mukesh Ambani, including a $7 billion share sale, with plans to eliminate $21.4 billion of net debt by the end of the year.
“The investment momentum behind Jio validates a compelling business model and underscores our admiration for Mukesh Ambani,” Egon Durban, Silver Lake’s Co-CEO said in the statement.
Silver Lake has about $40 billion in assets under management, including investments in Twitter Inc, Dell Technologies Inc and movie theatre chain AMC Entertainment Holdings Inc.
In 2021, Reliance Industries planning to list Reliance Jio in the United States, eyeing a valuation of $90 billion to $95 billion.