ReutersMay 08, 2020 16:59:55 IST
India's Reliance Industries Ltd said on Friday private equity firm Vista Equity Partners would invest Rs 113.67 billion in its digital business unit for a 2.32 percent stake, in a boost to the conglomerate's effort to pare debt.
The investment values Jio Platforms, which houses telecoms venture Reliance Jio Infocomm and other digital businesses, at an equity value of Rs 4.91 trillion and enterprise value of Rs 5.16 trillion, Reliance said.
The deal comes little over two weeks after Reliance said Facebook will buy a 9.99 percent stake in Jio Platforms, and just days after the Mumbai-based company announced a $750 million investment by private equity firm Silver Lake.
It will help the energy-to-telecoms giant, controlled by billionaire tycoon Mukesh Ambani, meet its target to eliminate$21.4 billion of net debt by the end of the year.
Reliance last month reported a 39 percent decline in March quarter profit, hit by a sharp fall in oil prices and lower fuel demand.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost
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