KKR to acquire 2.32% stake in Jio for Rs.11,367 Crore, 5th Company to invest in the RIL firm
Mumbai: Mukesh Ambani controlled Reliance Industries on Friday announced that Global investment firm KKR will acquire 2.32 per cent equity in Jio Platforms for Rs.11,367 Crore. With this KKR has become the 5th firm after Facebook, Silver Lake, Vista and General Atlantic to acquire stake in Jio. This is the largest investment of KKR in Asia and it s making the investment from its Asia private equity and growth technology funds.
These five firms have so far announced cumulative in investments of Rs. 78,562 crore to acquire 17.12 per cent stake in Jio Platforms. These five deals will help Reliance Industries reduce its debt and become a net debt-free company by 2021.
“I am delighted to welcome KKR, one of the world’s most respected financial investors, as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians. KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We are looking forward to leveraging KKR’s global platform, industry knowledge and operational expertise to further grow Jio” Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said.
“.. Jio Platforms is a true homegrown next-generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution. We are investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and Asia Pacific” said Henry Kravis, Co-Founder and Co-CEO of KKR.