India’s biggest telco, Reliance Jio, has attracted over $13.6 billion in investment in its Jio Platforms unit, from a wide range of international investors, over the last eight weeks.
Jio has sold a series of minority stakes in its digital platform to investors from the US and the UAE, generating 1.04 lakh crore rupees ($13.6 billion at today’s exchange rate).
On Saturday, Jio revealed that two more companies would be investing in its Jio Platforms unit.
Global investment firm TPG will take a 0.93 per cent stake for $598 million, while private equity firm L Catterton will take a 0.39% stake for $249 million.
Social media giant Facebook invested $5.7 billion for a 9.99 per cent stake in Jio’s digital platform, as the company prepares to launch a raft of pay services across its Facebook Messanger, WhatsApp and Instagram services in India.
Last week, US wealth fund Silver Lake increased its initial investment in Jio Platforms to take its total holding to 2.08 per cent.
UAE based investment firm Mubadala also invested $1.2 billion for a 1.85 per cent stake in Jio Platforms.
Reliance Jio’s parent company, the Mukesh Ambani owned Reliance Industries, will use the cash to help pay down its levels of debt. Reliance industries has now sold more than 21 per cent of its shares in the Jio Platforms business unit.