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Silver Lake hikes stake in RIL's Jio Platforms
06-Jun-20   09:53 Hrs IST

Reliance Industries (RIL) announced on Friday (5 June) that Silver Lake and its co-investors will invest an additional Rs 4,546.80 crore in Jio Platforms, in addition to the Rs 5,655.75 crore of investment by Silver Lake announced on 4 May 2020. This brings the aggregate investment by Silver Lake and its co-investors to Rs 10,202.55 crore.

Silver Lake's investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, and will translate into a 2.08% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs 92,202.15 crore from leading technology investors in less than six weeks.

RIL's wholly-owned subsidiary, Jio Platforms, is a technology platform providing digital services across India, with more than 388 million subscribers.

Silver Lake, a global leader in large-scale technology investing, aims to build and grow great companies by partnering with world-class management teams. Its investments have included Airbnb, Alibaba, Ant Financial, Alphabet's Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.

Commenting on the aggregate investment brought by Silver Lake, Mukesh Ambani, chairman and managing director, Reliance Industries, said, “Silver Lake and its co-investors are valued partners as we continue to grow and transform the Indian digital ecosystem for the benefit of all Indians. We are pleased to have their confidence and support, as well as the benefit of their leadership in global technology investing and their valued network of relationships, as we drive the Indian Digital Society's transformation. I would like to emphasise that Silver Lake's additional investment in Jio Platforms, within a span of five weeks during the COVID-19 pandemic, is a strong endorsement of the intrinsic resilience of the Indian economy, which will surely grow bigger with comprehensive digital enablement.

RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, telecom and digital services.

On a consolidated basis, the company's net profit fell 38.74% to Rs 6,348 crore on 2.5% decline in revenue to Rs 151,209 crore in Q4 March 2020 over Q4 March 2019.

Shares of RIL rose 0.04% to end at Rs 1580.60 on Friday. The scrip gained 2.39% to hit an intraday and a record high of Rs 1617.70 after the company announced Mubadala deal.

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