Indian conglomerate Reliance Industries said on Sunday U.S. fund General Atlantic will buy 1.34% of its Jio Platforms digital unit for 65.98 billion rupees ($870 million).
FILE PHOTO - The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave
With this investment, Jio Platforms, which includes telecoms business Jio Infocomm, has raised almost 672 billion rupees from investors including Facebook Inc , Silver Lake and Vista Equity Partners in less than four weeks. Reliance, controlled by tycoon billionaire Mukesh Ambani, forged a $5.7 billion deal with Facebook for a 9.99% stake in Jio Platforms on April 22 and secured a $750 million investment from private equity firm Silver Lake.
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