Asia’s Richest Man Is on a Roll with Fourth Deal in Less Than A Month for Jio Platforms
The Reliance chairman Mukesh Ambani, and the Asia Richest person, have got another deal for Jio Platform – its Fourth deal within Four weeks. On Sunday, the Jio telecom and digital unit of Reliance industries proclaimed that US-based private equity firm Atlantic is going to acquire a 1.3% stake of the Jio platform for 66 billion Rupees.
The Jio investment begun with a bang on April 22, when rich social network Facebook
agreed to buy 99.9% for $5.7 billion. Another, on May 4 2020, California-based private
equity firm Silver Lake bought over 1% in it for $748 million. That was followed by U.S tech fund Vista Equity partners also saying on May 9 that it would buy a 2.3% stake of Jio platform for $1.5 billion.
Reliance chairman and managing director Mukesh Ambani said: “I am thrilled to welcome General Atlantic, a marquee global investor, as a valued partner. I have known General Atlantic for several decades and greatly admired it for its belief in India’s huge growth potential. General Atlantic shares our vision of a Digital Society for India and strongly believes in the transformative power of digitization in enriching the lives of 1.3 billion Indians. We are excited to leverage General Atlantic’s proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio.”
Bill Ford (The Chief executive of General Atlantic) gave a statement “Mukesh’s conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country.”
Akash Ambani (Ambani’s elder son) the director of Jio Platforms subsidiary Reliance Jio
telecom gave a statement that “We are delighted that renowned global investor like General Atlantic is partnering with us in our Journey to digitally empower India and Indians, Jio is committed to making a digitally inclusive India that will provide immense
opportunities to every Indian citizen especially to our highly talented youth. General
Atlantic’s endorsement and partnership energize Jio’s young to set, and achieve, even
more, ambitious goals in our onward march.”
With more than 388 million subscribers, the Jio platform is helping the Reliance industry a lot. This fast-growing company would help to offset the decline in oil and petrochemicals. Its total annual revenue has grown by 5% to $87.4 billion and it informed a net profit of $5.3 billion in March 2020. The firm General Atlantic, a leading global growth investor has been investing in India for Around two decades. The current investment includes Byju’s (The online education platform). Apart from this, they have invested in several international companies Such as Airbnb, Box, ByteDance, Facebook, Slack, and many others.
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