/10 deals in 2 months! RIL says TPG, L Catterton will invest Rs 6,441 cr in Jio Platforms

10 deals in 2 months! RIL says TPG, L Catterton will invest Rs 6,441 cr in Jio Platforms

Reliance Industries on Saturday said two more investors will invest a total of Rs 6,441.30 crore in Jio Platforms, making it 10 deals in less than two months

The oil-to-telecom major said that global alternative asset firm TPG would invest Rs 4,546.80 crore and L Catterton Rs 1,894.50 crore in Jio Platforms at an enterprise value of Rs 5.16 lakh crore.

This along with the eight previous deals with Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, and TPG since April 22 brought in Rs 104,326.95 crore.

TPG will own 0.93 per cent equity stake while L Catterton’s investment will translate into a 0.39 per cent stake in Jio on a fully diluted basis, Reliance Industries said.

Jim Coulter, Co-CEO TPG, said, “Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services. The company is bringing unmatched potential and execution capabilities to the market, setting the tone for all technology companies to come.”

Jio Platforms has made significant investments of late across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.

“We have been impressed by TPG’s track record of investing in global technology businesses which serve hundreds of millions of consumers and small businesses, making the societies we live in better,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

TPG is making the investment from its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds.

“We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances. We look forward to partnering with Jio, which is uniquely positioned to execute on its vision and mission to transform the country and build a digital society for 1.3 billion Indians through its unmatched digital and technological capabilities,” said Michael Chu, Global Co-CEO of L Catterton.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels in these deals.

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