Reliance raises Rs 1.04 lakh cr from marquee investors in 8 weeks

Billionaire Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries has raised a record Rs 1.04 lakh crore in less than eight weeks from sale of minority stakes in its digital unit Jio Platforms to marquee investors.

On Saturday evening, it announced sale of 0.93 per cent in Jio Platforms to global investment firm TPG for Rs 4,546.80 crore and 0.39 per cent to private equity firm L Catterton for Rs 1,894.50 crore.

With these, Reliance has now sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in less than eight weeks, a company statement said.

The investments in Jio Platforms, which comprises the firm’s telecoms arm Reliance Jio Infocomm and its music and video streaming apps, give the unit an enterprise value of Rs 5.16 lakh crore, it said.