Reliance Industries’ subsidiary Jio Platforms continued a recent run of securing investment from US companies with an INR66 billion ($868.4 million) deal to sell a 1.34 per cent stake to private equity company General Atlantic.
In a statement, Reliance Industries noted the deal with New York-based General Atlantic marks Jio’s fourth major investment from a US company in rcent weeks, raising around $8.8 billion.
The General Atlantic investment gives Jio Platforms a valuation of $65 billion, added the Indian company.
Earlier this month, Reliance Industries sold a 2.32 per cent stake to Vista Equity Partners.
Bill Ford, CEO at General Atlantic said its history of backing global technology leaders and visionary entrepreneurs convinced it to make the investment in the Reliance Industries’ subsidiary, and its chairman and MD Mukesh Ambani (pictured).
“General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India,” Ford said.
Jio Platforms operates broadband and online commerce services, including Reliance Jio, India’s largest mobile operator by subscribers.