Facebook recently invested over Rs 43,000 crore in Reliance Jio platforms. Now, it is being reported that Silver Lake will also be investing a big amount in the Jio platforms. Reliance Industries Limited (RIL) has revealed that US private equity firm Silver Lake is set to invest Rs 5,655 crore into Jio platforms. This investment values Jio platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore.
This deal represents a 12.5 percent premium to the equity valuation of the Facebook investment. “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,” said Mukesh Ambani, Chairman and Managing Director, RIL. The company also revealed that it has been receiving strong interest from investors, and major investments into Jio Platforms, in line with Facebook’s investment. It is expected to share more details on this in the coming months.
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“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,” Mukesh Ambani added. Jio Platforms is a wholly-owned subsidiary of Reliance Industries Ltd (RIL). “Jio Platforms is 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,” said Egon Durban, Silver Lake Co-CEO and Managing Partner.
“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,” he noted. The company has revealed a consolidated turnover of Rs 659,205 crore, cash profit of Rs 71,446 crore, and net profit of Rs 39,880 crore for Q1 of 2020.
– With inputs from IANS