Silver Lake Fund, Co-Buyers to Put Additional Rs. 4,547 Crores in Jio Platforms

Silver Lake fund is new funding offers Jio Platforms — which homes Reliance’s telecoms arm Jio Infocomm and its music and video streaming apps — an enterprise worth of Rs. 5.16 lakh crores, Reliance mentioned in a regulatory submitting and takes Silver Lake’s stake to 2.08 % from simply over 1 %.

Reliance has now offered almost 20 % of Jio Platforms to buyers, together with Fb, securing around $12 billion in lower than six weeks.

The deal provides to the latest flurry of fund-raising exercise by the oil-to-telecoms big, managed by India’s richest man Mukesh Ambani, together with a $7 billion share sale, with plans to get rid of $21.four billion of internet debt by the top of the 12 months.

“The funding momentum behind Jio validates a compelling enterprise mannequin and underscores our admiration for Mukesh Ambani…,” Egon Durban, Silver Lake’s Co-CEO mentioned within the assertion.

Silver Lake has about $40 billion in the property below administration, together with investments in Twitter, Dell Applied sciences, and film theatre chain AMC Leisure Holdings.

Reliance plans to wrap up the majority of its non-public fundraising by the third quarter earlier than exploring 2021 public itemizing in the US, the place it’s eyeing a valuation of $90 billion to $95 billion for Jio Platforms, Reuters reported beforehand.

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