Reliance Jio sells 1.34% stake to US equity firm General Atlantic for ₹6,598 crore

Reliance Jio, the telecom unit of Reliance Industries Ltd (RIL), has sold a 1.34 per cent to New-York headquartered private equity firm General Atlantic for Rs 6598.38 crore, making it the fourth such stake sale in the last four weeks.

Jio Platforms has raised ₹67,194.75 crore from leading technology investors including Facebook, Silver Lake Partners, Vista Equity Partners and General Atlantic in the last month.

Bill Ford, Chief Executive Officer of General Atlantic, said the company is a long-term backer of global technology leaders and visionary entrepreneurs, and could not be more excited about investing in Jio.

“We share Mukesh Ambani’s (RIL Chairman) conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India,” he said.

Investments by leading global growth investors will help enable Jio to scale its ecosystem towards building a Digital Society in India, said RIL in a release.

This investment continues to reaffirm Jio as a next generation software product and platform company, and is also an endorsement of Jio’s tech capabilities and the potential of the business model in this Covid-19 world and beyond, the company said.

This reemphasises Jio’s continuing attraction among global investors for its deep understanding of the Indian markets, the rapid digitisation opportunity post-COVID and its capabilities to bring cutting-edge technologies and tools such as AI, Blockchain, AR/VR, Big data into play for all Indians, the release further said.