American firm General Atlantic to invest Rs. 6,598 crore in Reliance Jio

By Newsmeter Network  Published on  17 May 2020 4:49 PM GMT
American firm General Atlantic to invest Rs. 6,598 crore in Reliance Jio

Hyderabad: The US firm, General Atlantic, will invest Rs. 6,598 crore in Reliance Jio platforms, which is 1.34 per cent stake in India’s telecom giant, the company said in a statement. The investment values Jio platforms at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs. 5.16 lakh crore.

General Atlantic is a global growth equity firm and has previously helped Airbnb, Alibaba, and Uber.

Mukesh Ambani, the chairman and managing director of Reliance Industries, said, “I am thrilled to welcome General Atlantic, a marquee global investor, as a valued partner. I have known General Atlantic for several decades and greatly admired it for its belief in India’s huge growth potential. General Atlantic shares our vision of a Digital Society for India and strongly believes in the transformative power of digitisation in enriching the lives of 1.3 billion Indians. We are excited to leverage General Atlantic’s proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio.”

Bill Ford, the chief executive officer of General Atlantic, said, “As long-term backers of global technology leaders and visionary entrepreneurs, we could not be more excited about investing in Jio. We share Mukesh’s conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India.”

In less than four weeks, Jio has raised Rs. 67,194.75 crore from investors like Facebook, Silver Lake, Vista Equity Partners, and General Atlantic. Jio currently has 388 million subscribers across India.

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