Vista Equity To Pump Rs 11,367 Cr In Reliance Jio Platforms In Third High-Profile Deal

by GoNews Desk 8 months ago Views 2046

Vista Equity To Pump Rs 11,367 Cr In Reliance Jio
Global investment firm Vista Equity Partners will invest Rs 11,367 crore into Jio platforms, the telecoms unit of Reliance Industries, the third high-profile deal after Facebook and Silver Lake within a matter of three weeks.

At 2.32% equity stake, the deal makes Vista Equity the third-largest minority shareholder in the Mukesh Ambani-owned company behind Reliance and Facebook.

The Vista investment pegs Jio Platforms' equity valuation at Rs 4.91 lakh crore and enterprise valuation at Rs 5.16 lakh crore, Reliance Industries said in a statement. The company saw its share price rise by over 2% in early morning trade opening at Rs 1,541.

The investment comes after Reliance on April 22 struck a Rs 43,574 crore deal with Facebook to buy 9.99% stake in Jio platforms and days after on May 4, it secured a Rs 5,656 crore investment from another private equity firm Silver Lake.

Jio has cumulatively raised Rs 60,596 crore from leading technology investors in less than three weeks, which will go into trimming its debt while ensuring it has enough funds to make inroads into 5G bidding in India.

Vista Chairman and CEO, Robert F. Smith said: “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s [Ambani] vision alongside Jio’s world-class leadership team have built a platform to scale and advance the data revolution it started.”

“We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business, and enterprise software to fuel the future of one of the world’s fastest growing digital economies,” added Smith.

Mukesh Ambani, the chairman of Reliance Industries, said, “I am delighted to welcome Vista, one of the world’s marquee tech investors globally as a valued partner. Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians."

“We are excited to leverage the professional expertise and multi-level support that Vista has been offering to its investments globally for the benefit of Jio.” he added.

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