General Atlantic To Invest About $870 Mln In India's Reliance Jio

(RTTNews) - Billionaire Mukesh Ambani's Reliance Industries Limited said Sunday that U.S. private equity firm General Atlantic will invest 6,598.38 crore Indian rupees or about $870 million in its Jio Platforms Ltd.

According to Reliance Industries, the investment values Jio Platforms at an equity value of 4.91 lakh crore rupees and an enterprise value of 5.16 lakh crore rupees.

General Atlantic's investment represents a 1.34% equity stake in the Indian telecom operator Jio, which has more than 388 million subscribers.

Jio Platforms has raised 67,194.75 crore rupees from technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks, Reliance Industries said in a statement.

Earlier this month, Vista Equity Partners agreed to invest 11,367 crore rupees into Jio Platforms. Vista's investment represents 2.32% equity stake in Jio Platforms.

In addition, Reliance said in this month that American private equity firm Silver Lake Partners invested 5,655.75 crore rupees or around $746.7 million in its Jio Platforms.

Last month, Facebook Inc. agreed to buy 9.99 percent stake in India-based Jio Platforms Ltd. The social media giant would make an investment of 43,574 crore Indian rupees or about $5.68 billion into Jio.