Indian Oil telecoms consortium Reliance Industries sold two stakes of its digital unit Jio Platforms raising a total amount of Rs. 6,441.3 crores($847) on Saturday.
According to Reliance,
Global investment from TPG will buy a 0.93 percent stake for Rs. 4,546.80 crores($ 598 million) whereas, Private equity firm L Catterton will buy 0.39 percent stake for Rs. 1,894.50 Crores i.e,($ 249 million).
Mukesh Ambani(India’s Richest Man) controls Reliance which has sold just over 22 percent of its Jio Platform to its investment of high names including Facebook, General Atlantic, KKC & co., Silver Lake Partners and Vista and Guity partners and Abu Dhabi’s Mubadala in recent Eight weeks.
More than $79 billion staked by TPG on assets under management, TPG invests in many technology companies including Spotify, Uber, and Airbnb.
As TPG co-CEO Jim Coulter said in one of his statements that Jio has been a distributive industry empowering small businesses and consumers across India through providing them critically and high-quality digital services.
L Catterton mainly focuses on consumer-focused brands like Reliance Jio this time. It also has partnerships with french Luxury group LVMH and investment firm Group Arnault.
The investments made in the Jio Platform which contribute Reliance’s telecom arm Jio Infocomm and its music and video Streaming apps has given an endeavor value of $67.87 billion to its unit.
Jio Infocomm is India’s biggest telecom firm by Subscriber having more than 376 million users. It entered the market in 2016 with free voice services and cut-price data which forced out its rivals into a consolidation