Saudi, American firms eye stakes in Reliance’s Jio.
Two more firms are eyeing a share of Reliance Industries Ltd’s $65-billion digital unit Jio Platforms, according to Bloomberg News, setting them up to be a part of a growing list of firms that have recently invested in the Indian company.
US private equity firm General Atlantic is considering investing about $850 million to $950 million in the Mumbai-based company.
The deal could be completed as soon as this month, though no agreement has been finalized and plans may change.
The conglomerate cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio on April 22 and a few days later, it secured a $750 million investment from private equity firm Silver Lake.
Together the three deals will inject a combined $8 billion in the telecoms-to-energy group and help it pare its debt.
Vista’s investment gave Jio an equity value of 4.91 trillion rupees ($65 billion) and an enterprise value of 5.16 trillion rupees, said Reliance, controlled by billionaire tycoon Mukesh Ambani.