US-based private-equity company Silver Lake doubled its stake in Reliance Industries’ subsidiary Jio Platforms, its second major investment in the company in recent weeks.
Reliance Industries stated Silver Lake agreed to pour an additional INR45.4 billion ($600.7 million) into the technology company, building on an initial investment of INR56.6 billion in May and taking its stake to 2 per cent.
Mukesh Ambani, chairman and MD of Reliance Industries, said Silver Lake’s decision to increase its investment despite uncertainty related to the economic impacts of the Covid-19 (coronavirus) pandemic was “a strong endorsement of the intrinsic resilience of the Indian economy, which will surely grow bigger with comprehensive digital enablement”.
The deal was revealed the same day Mubadala Investment took a 1.85 per cent stake in Jio Platforms with an INR90.93 billion move.
Silver Lake’s latest move brings the total committed to Jio Platforms in the past six weeks to $12.2 billion, with Facebook and private equity company KKR, General Atlantic and Vista Equity Partners among the movers.