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Defying Covid, Jio Platforms raises Rs 92,202 crore in six weeks
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SME Times News Bureau | 06 Jun, 2020
Reliance Industries Ltd and Jio Platforms Ltd announced on Friday that
Silver Lake and its co-investors will invest an additional Rs 4,546.80
crore in Jio Platforms.
This is in addition to the Rs 5,655.75
crore of investment by Silver Lake announced on May 4, and brings the
aggregate investment by Silver Lake and its co-investors to Rs 10,202.55
crore.
Silver Lake's investment values Jio Platforms at an
equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16
lakh crore, and will translate into a 2.08 per cent equity stake in Jio
Platforms on a fully diluted basis.
This is an unprecedented
seventh investment in Jio Platforms in just six weeks. With this
investment, Jio Platforms has raised Rs 92,202.15 crore from leading
technology investors including Facebook, Silver Lake Partners, Vista
Equity Partners, General Atlantic, KKR and Mubadala.
Commenting
on the aggregate investment brought by Silver Lake, Mukesh Ambani,
Chairman and Managing Director, Reliance Industries Ltd, said: "Silver
Lake and its co-investors are valued partners as we continue to grow and
transform the Indian digital ecosystem for the benefit of all Indians.
We are pleased to have their confidence and support, as well as the
benefit of their leadership in global technology investing and their
valued network of relationships, as we drive the Indian Digital
Society's transformation."
Ambani added: "I would like to
emphasise that Silver Lake's additional investment in Jio Platforms,
within a span of five weeks during the Covid-19 pandemic, is a strong
endorsement of the intrinsic resilience of the Indian economy, which
will surely grow bigger with comprehensive digital enablement."
Egon
Durban, Silver Lake Co-CEO and Managing Partner, said: "We are excited
to increase our exposure and bring more of our co-investors into this
opportunity, further supporting Jio Platforms in its mission to bring
the power of high-quality and affordable digital services to a mass
consumer and small businesses population. The investment momentum behind
Jio validates a compelling business model and underscores our
admiration for Mukesh Ambani, his team and their courageous vision in
creating and building one of the world's most remarkable technology
companies."
Silver Lake is world's largest tech investor is
investing in Jio and has a terrific track record of investing in some of
the largest and successful tech companies globally such as Twitter,
Airbnb, Alibaba, Dell Technologies, ANT Financials, Twitter, Alphabet's
Waymo and Verily, amongst others.
This investment is another
strong endorsement of Jio's tech capabilities, disruptive business model
and secular long-term growth potential.
This reaffirms Jio's
continuing attraction among global investors for being the best
representative of India's digital potential, deep understanding of the
Indian markets, the rapid digitisation opportunity post-covid and
capabilities to bring cutting-edge technologies and tools such as AI,
and Blockchain.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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