Silver Lake to invest in Reliance Jio: RIL is systematically bringing down debt getting strategic partners, says Edelweiss

Reliance Industries Ltd (RIL) is going through things in a very structured way, not just in its businesses, but also strengthen its balance sheet, Jal Irani, Senior Vice President, Edelweiss Financial Services, told _CNBC-TV1_8 in an interview. “They are systematically bringing down debt,” Irani said. Reliance Industries today said that private equity firm Silver Lake will invest Rs 5,655.75 crore in Reliance Jio Platforms, giving the technology subsidiary an equity value of Rs 4.9 lakh crore. The week before last Facebook said it would invest Rs 43,574 crore in Jio Platforms for a 9.99 percent stake.

Mukesh Ambani says he’s delighted to welcome silver lake as a valued partner in continuing to grow & transform Indian digital ecosystem. He adds, Reliance is excited to leverage insights from their global technology relationships for the Indian digital society’s transformation pic.twitter.com/96A6Tkr9sr

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

“What they are doing is getting strategic partners in the key businesses, in the Jio Platforms business – and they have categorically said that the Saudi Aramco due diligence is on. So this is a part of a very structured bigger game plan to bring in strategic partners, to reduce the debt, trigger value release as well in their business, in difficult times, doing fairly healthy and coming out stronger,” he said. Irani said that the plan was well thought out and was also being executed well. (Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost)