Reliance says Silver Lake, co-investors to invest extra $601 million in digital unit
By Sankalp Phartiyal NEW DELHI (Reuters) - India's Reliance Industries late on Friday said U.S. private equity fund Silver Lake and its co-investors will invest an additional 45.46 billion rupees ($601.40 million) in the company's digital unit Jio Platforms
By Sankalp Phartiyal
NEW DELHI (Reuters) - India's Reliance Industries
The investment comes on top of the 56.56 billion rupees Silver Lake committed to Jio Platforms earlier this month.
Silver Lake's new investment gives Jio Platforms -- which houses Reliance's telecoms arm Jio Infocomm and its music and video streaming apps -- an enterprise value of 5.16 trillion rupees, Reliance said in a regulatory filing, and takes Silver Lake's stake to 2.08% from just over 1%.
Reliance has now sold nearly 20% of Jio Platforms to investors, including Facebook Inc
The deal adds to a recent flurry of fund-raising activity by the oil-to-telecoms giant, controlled by India's richest man Mukesh Ambani, including a $7 billion share sale, with plans to eliminate $21.4 billion of net debt by the end of the year.
"The investment momentum behind Jio validates a compelling business model and underscores our admiration for Mukesh Ambani...," Egon Durban, Silver Lake's Co-CEO said in the statement.
Silver Lake has about $40 billion in assets under management, including investments in Twitter Inc
Reliance plans to wrap up the bulk of its private fundraising by the third quarter before exploring a 2021 public listing in the United States, where it is eyeing a valuation of $90 billion to $95 billion for Jio Platforms, Reuters reported previously.
($1 = 75.5900 Indian rupees)
(Reporting by Sankalp Phartiyal; Editing by Kirsten Donovan)
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