It’s #Lockdown no. 3 in India and the business environment looks as gloomy as the people’s mood.
But, that didn’t deter Reliance Jio in pulling off a hat-trick on Friday! Vista Equity Partners, a tech focused global PE player based in USA, invested Rs. 11,367 Crore 2.32% stake in Jio Platforms. Interestingly this is Vista’s first investment on Asian soil.
For Jio, this is the third deal in as many weeks. The first came in the form of a strategic partner. Social networking giant Facebook reposed confidence in Jio digital services story and bought 9.9% stake for Rs. 43,574 Crore.
The valuation that Jio Platforms commanded from Facebook left everyone in awe!
Before one could come out of this deal, Silverlake Partners, another technology focused PE global player, bought 1.15% stake for Rs. 5656 Crore. It’s valuation of Jio Platforms was close to 12 % greater than that offered by Facebook.
The new kid on the block, Jio Platforms, is now valued at 52% of RIL. It holds an equity value of Rs. 4.91 Lakh Crore and an Enterprise value of Rs. 5.16 Lakh Crore.
These three deals brought nearly Rs. 60,600 Crores to Reliance Industries. With this the company is just a few steps away from Mukesh Ambani’s goal of ‘NET DEBT FREE’.
The story is not over yet. Jio Platforms is looking to offload another 5-6 % to strategic partners/equity players. And don’t forget, there was an announcement of $7 Billion Rights issue recently!
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