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Rs. 6,441.3 Investment Crores From TPG and L Catterton Jio Platforms
Reliance Industries, an Indian conglomerate of oil-to-telecom companies, raised Rs 6,441,3 crores from the sale of 2 stakes in Jio Platforms, the Saturday group said.
TPG is going to buy a Rs 0,93% share (USD 598 million), while L Catterton will procure a Rs 1,894,50 (USD 249 million) share, says Reliance. The investment company has a Rs. 1,894,00 (USD 249 million) share.
Reliance has now sold just over 22 per cent of the channels of Jio, owned by India's richest man, Mukesh Ambani, to investors like Facebook, capturing $13.72 billion in eight weeks.
"Jio's a transformative pioneer in the industry that empowers small businesses and customers across India by providing vital, digital services of a high quality," said Jim Coulter, co-CEO of TPG.
TPG invests in technology companies such as Airbnb, Uber and Spotify with assets under management of over 79 billion dollars.
The Catterton Company, which has a relationship with LVMH and the Company Arnault, is focused on consumer products.
Jio Services, which includes Reliance's Jio Infocomm Telecom Arm and its music and video streaming applications, provides the company with $67.87 billion in market value, Reliance said.
Jio Infocomm is the largest subscriber telecom company in India with over 376 million customers. Since entering the market in 2016 with free voice services and cut-prices results, it has pushed many rivals out and driven consolidation in the sector.
According to the firm, Jio Platforms would help Reliance achieve its objective of repaying its net debt of 21.4 billion dollars, along with its selling of 7 billion dollars of shares.
