SILVER LAKE AND CO-INVESTORS TO INVEST ADDITIONAL ₹ 4,546.80 CRORE IN JIO PLATFORMS

MR. MUKESH AMBANI: “AGGREGATE SILVER LAKE INVESTMENT OF ₹ 10,202.55 CRORE IS A STRONG ENDORSEMENT OF JIO’S MISSION TO ENABLE A DIGITAL INDIA”

DEFYING COVID-19 CRISIS, JIO PLATFORMS HAS RAISED ₹ 92,202.15 CRORE FROM LEADING TECH INVESTORS IN LESS THAN SIX WEEKS

 

 

Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”) announced today that Silver Lake (“Silver Lake”) and its co-investors will invest an additional ₹ 4,546.80 crore in Jio Platforms, in addition to the ₹ 5,655.75 crore of investment by Silver Lake announced on May 4, 2020. This brings the aggregate investment by Silver Lake and its co-investors to ₹ 10,202.55 crore.

 

 

Silver Lake’s investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore, and will translate into a 2.08% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised ₹ 92,202.15 crore from leading technology investors in less than six weeks.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain. Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.

With approximately $40 billion in combined assets under management and committed capital and a singular focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing. Its mission is to build and grow great companies by partnering with world-class management teams. Its investments have included Airbnb, Alibaba, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.

The transaction is subject to regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Latham & Watkins LLP, Shardul Amarchand Mangaldas & Co and Simpson Thacher & Bartlett LLP acted as legal counsels to Silver Lake.

 

Mumbai, June 5, 2020