Texas investment fund TPG to invest $598mn in Reliance’s digital unit Jio Platform

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Texas investment fund TPG to invest $598mn in Reliance’s digital unit Jio Platform

Reliance Industries, the Mumbai-based India’s retail-to-telecom conglomerate, owned by the Asia’s richest man to date Mukesh Ambani, 63, had made an announcement on Saturday saying that the Mumbai-based Indian multinational conglomerate had cut a deal with the Global Investment Firm TPG, under which the Texas-based private investment fund TPG had agreed to purchase a 0.93 per cent stake in Reliance’s digital unit Jio Platform for a total of $598 million or 45.46 billion Indian Rupees.

More importantly, latest sale of stake in Reliance Industries’ digital wing, Jio Platform, came forth a week after the Indian Conglomerate had secured $752 million from the Abu Dhabi’s sovereign investment fund for a 1.15 per cent stake at its digital unit.

Besides, after the latest TPG deal, Reliance has now raised a stark upsum of $13.47 billion by selling off roughly 22 per cent stakes of its digital platform in less than seven weeks, while its investors included a swathe of global investment tycoons and industry leaders ranging from the Saudi sovereign investment fund PIF to Facebook Inc.

TPG investment to value Reliance’s digital unit at $67.87 billion

Concomitantly, citing a through and through optimism over its latest investment on Reliance Industries’ Jio platform, Jim Coulter, the co-Chief Executive of the Texas-based private investment fund TPF, which has more than $79 billion worth of assets under management alongside stakes in global tech tycoons likes of Spotify Inc., Uber Technologies alongside Airbnb, said in a statement shortly after the announcement of the deal, “Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services”.

Apart from that, Reliance Industries said in a statement followed by the reveal of TPG investment on its Jio Platform, comprises of Jio Infocomm alongside its music and video streaming app that the TPG statement would value the Mumbai-based Indian multinational conglomerate’s digital wing at $67.87 billion.