The logo of Reliance Jio, the mobile network of Reliance Industries Ltd., is displayed at a store in Mumbai, India. | Photographer: Dhiraj Singh | Bloomberg
The logo of Reliance Jio, the mobile network of Reliance Industries Ltd., is displayed at a store in Mumbai, India. | Dhiraj Singh | Bloomberg
Text Size:

Mumbai: Jio Platforms Ltd., the digital services business controlled by billionaire Mukesh Ambani, has completed the sale of 6% of its shares for about $4 billion.

Saudi Arabia’s Public Investment Fund closed a deal for a 2.3% stake for 113.7 billion rupees ($1.5 billion), according to an exchange filing from Jio’s parent, Reliance Industries Ltd. Silver Lake purchased 2.1% of the shares. The other investors were L Catterton and General Atlantic.

The transactions — announced earlier this year — helped Reliance declare itself free of net debt ahead of its goal. Jio Platforms had earlier also sold about 10% stake to Facebook Inc.

All told, Jio has now sold about 25% of its shares to buyers including Facebook and U.S. private equity firms KKR & Co., and Silver Lake. – Bloomberg

Also read: Mukesh Ambani is a man on a mission and even a pandemic or lockdown can’t stop him


Subscribe to our channels on YouTube & Telegram

News media is in a crisis & only you can fix it

You are reading this because you value good, intelligent and objective journalism. We thank you for your time and your trust.

You also know that the news media is facing an unprecedented crisis. It is likely that you are also hearing of the brutal layoffs and pay-cuts hitting the industry. There are many reasons why the media’s economics is broken. But a big one is that good people are not yet paying enough for good journalism.

We have a newsroom filled with talented young reporters. We also have the country’s most robust editing and fact-checking team, finest news photographers and video professionals. We are building India’s most ambitious and energetic news platform. And we aren’t even three yet.

At ThePrint, we invest in quality journalists. We pay them fairly and on time even in this difficult period. As you may have noticed, we do not flinch from spending whatever it takes to make sure our reporters reach where the story is. Our stellar coronavirus coverage is a good example. You can check some of it here.

This comes with a sizable cost. For us to continue bringing quality journalism, we need readers like you to pay for it. Because the advertising market is broken too.

If you think we deserve your support, do join us in this endeavour to strengthen fair, free, courageous, and questioning journalism, please click on the link below. Your support will define our journalism, and ThePrint’s future. It will take just a few seconds of your time.

Support Our Journalism

Share Your Views


Please enter your comment!
Please enter your name here