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


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