General Atlantic to invest Rs 6,600 crore in Jio Platforms

Private equity major General Atlantic will pick up a 1.34% stake in Jio Platforms for close to Rs 6,600 crore ($875 million), making this its largest investment in India. The move will put Reliance Industries (RIL) on road to becoming debt free this year. RIL’s net debt currently stands at Rs 1.6 lakh crore. In addition, the deal further repositions Jio Platforms as a technology company.

The deal also places Jio in the elite company of Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders, where General Atlantic has invested.