Mumbai (Maharashtra) [India], May 4 (ANI): Global leader in technology investment Silver Lake will invest Rs 5,655.75 crore into Jio Platforms, Reliance Industries announced on Monday.
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 and represents a 12.5 percent premium to the equity valuation of the Facebook investment announced on April 22, 2020.
Jio Platforms is a wholly-owned subsidiary of Reliance Industries Limited.
Commenting on the transaction with Silver Lake, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, 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 an outstanding 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."
Commenting on the investment, Egon Durban, Silver Lake Co-CEO and Managing Partner, 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 actualizing 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 business population. The market potential they are addressing is enormous, and we are honoured and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission."
Prior to this, social media giant Facebook in April had announced to invest Rs 43,574 crore into Jio Platforms, the investment will translate into a 9.99 percent equity stake in Jio Platforms.
The investment by Facebook valued Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). (ANI)