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BILLION DOLLAR DREAMS

Reliance Jio sells 2.3% stake for $1.5 billion to US-based Vista Equity Partners

India-Jio-Ambani
AP Photo/Ajit Solanki
The unstoppable.
  • Niharika Sharma
By Niharika Sharma

Aviation and social media reporter

Mukesh Ambani-owned Reliance Industries (RIL) today (May 8) said Texas-based private equity firm Vista Equity Partners will invest Rs11,367 crore ($1.5 billion) into its next-generation technology business, Jio Platforms.

Vista, a leading global investment firm, has more than $57 billion in cumulative capital commitments. Its global network of companies together represent the world’s fifth-largest enterprise software company. Vista’s portfolio companies in India together employ over 13,000 people.

The investment values Jio Platforms at an equity value of Rs4.91 lakh crore.

“Jio Platforms has now raised Rs60,596.37 crore from leading technology investors in less than three weeks,” the company said in a press release. Vista Equity will now be the third-largest stakeholder in it after RIL and Facebook.

The deal is yet another step in realising Ambani’s dream of making RIL debt-free by March 2021.

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