Jio News: After Facebook, Silver Firm invests into JIO Platforms to smoothen technology developments

Jio News: Facebook had earlier in April, invested in Reliance Jio platforms. Now, one of the largest technology investment firms has also invested in Jio. While Facebook had invested in 9.99% stake of Reliance Jio,  Silver Lake will invest ₹ 5,655.75 crores into Jio Platforms. This investment values Jio Platforms at an equity value of ₹ 4.90 lakh crore and an enterprise value of ₹ 5.15 lakh crore. It also represents a 12.5% premium to the equity valuation of the Facebook investment announced on April 22, 2020.

What did the CxOs of the firms have to say?

Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd, said:

I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.

On the other hand, Egon Durban, Silver Lake Co-CEO and Managing Partner said:

Jio Platforms is one of the world’s most remarkable companies. It is led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision. They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous, and we are honoured and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission.

Additional Key Members of the Jio-Silver Lake deal:

- Morgan Stanley acted as financial advisor to Reliance Industries.

- AZB and Partners and Davis Polk, and Wardwell acted as legal counsels.

Also, follow Silver Lake and Reliance Jio news here.