Private equity firm Vista Equity Partners will invest $1.5 billion in Reliance Jio Platforms at a 2.32% stake in values India’s top telecom operator at $65 billion
Reliance Industries, aims to make Jio Platforms, in which it has poured more than $30 billion over the years, “a global technology leader and among the leading digital economies in the world.”
“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,” said Reliance Industries Chairman Mukesh Ambani, in a statement.
This would help Ambani, further cement his last year’s commitment to investors when he said he aimed to cut Reliance’s net debt of about $21 billion to zero by early 2021.
In a statement, Robert F. Smith, Founder, Chairman and CEO of Vista, said, “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have built a platform to scale and advance the data revolution it started.”