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RIL Jio gets yet another mega investment. This time from KKR.

Petrochemical industry | 22 May 2020 09:30 IST | Polymerupdate.com

Reliance Industries Ltd (RIL) today announced that private equity firm KKR had finalised an investment in Reliance Jio. KKR’s investment of Rs 11,367 crores for a 2.32 % stake follows recent investments from Facebook, Silver Lake, Vista and General Atlantic, making it the fifth big investment deal announced by RIL this past month. These deals form part of a larger plan to make RIL debt free before March 31st, 2021.

The deal values Jio Platforms at an equity value of 4.91 lakh crore and an enterprise value of Rs 5.16 crore.

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

A source at RIL who requested his name not be revealed said, “ although finalised, the transaction is subject to the usual customary and other regulatory approvals. Once all approvals are received, we believe KKR will make the investment from its Asia private equity and growth technology fund. “
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