Jio Platforms sell 1.32% stake to TPG, L Catterton; raises Rs 1.04 lakh cr from global investments

Global private investment firm TPG (Texas Pacific Group) has bought 0.93 per cent stake in billionaire Mukesh Ambani's digital arm Jio Platforms for Rs 4,546.80 crore, Jio informed on Saturday.

Reliance Jio also announced an investment of Rs 1894.50 crore by L Catterton, one of the worlds largest consumer focused private equity firms. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. This is the second transaction announced on Saturday within hours as earlier TPG had acquired equity in Jio.

L Catterton's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis. The fund has a deep consumer understanding which is expected to bolster Jio's tech initiatives for Indian consumers.

With these investments, Jio Platforms has raised Rs 1.04 lakh crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

The company in the past one and a half month has sold about 22.3 per cent equity in Jio Platforms, ahead of a potential IPO.

Earlier in May, Reliance Industries Limited's (RIL) Jio Platforms Limited, India's leading digital services platform, announced the sale of a 2.32 per cent stake in its digital unit to US private equity giant KKR for Rs 11,367 crore. It was the fifth deal in four weeks that will inject a combined Rs 78,562 crore in the oil-to-telecom conglomerate to help it pare debt well before its target date.

It was KKR's largest investment in Asia and will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis.

(With inputs from PTI, IANS)

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