Info-tech

Jio Platforms raises Rs 11,367 crore from KKR

Rajesh Kurup Mumbai | Updated on May 22, 2020 Published on May 22, 2020

Reliance Jio logo at a mobile phone store in Hyderabad   -  Nagara Gopal

In its fifth fund raising in a month, Jio Platforms, a subsidiary of Asia's richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has raised Rs 11,367 crore from global investment firm KKR.

This is KKR’s largest investment in Asia and will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis. KKR is making the investment from its Asia private equity and growth technology funds.

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This transaction values Jio Platforms at an equity value of Rs 4.91-lakh crore and an enterprise value of Rs 5.16-lakh crore.

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Over the last month, Jio Platforms has raised funds of Rs 78,562 crore from investors such as Facebook, Silver Lake, Vista, General Atlantic and KKR.

“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,” Mukesh Ambani, Chairman and Managing Director of RIL said.

“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,” he added.

Morgan Stanley acted as financial advisor to RIL, and AZB & Partners and Davis Polk & Wardwell acted as legal counsel. Deloitte Touche Tohmatsu India LLP acted as financial advisor to KKR. Shardul Amarchand Mangaldas & Co. and Simpson Thacher & Bartlett LLP acted as legal counsel to KKR.

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“Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. 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,” Henry Kravis, Co-Founder and Co-CEO of KKR, said.

ALSO READ: Silver Lake to invest ₹5,655 crore in Jio Platforms

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Published on May 22, 2020
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