Reliance strikes third unit stake deal, raising $8 billion in 2 weeks

India’s Reliance Industries Ltd on Friday announced a $1.5 billion stake sale in its digital unit Jio Platforms, a third deal in little over two weeks that will inject a combined $8 billion in the telecoms-to-energy group to help it pare debt.

Private equity firm Vista Equity Partners is buying a 2.32% stake in Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, for 113.67 billion rupees ($1.5 billion), Mumbai-headquartered Reliance said in a statement.

The investment gives Jio Platforms an equity value of 4.91 trillion rupees and an enterprise value of 5.16 trillion rupees, said Reliance, which is controlled by billionaire tycoon Mukesh Ambani.

The deal comes after Reliance cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio Platforms on April 22, and just days after it secured a $750 million investment from private equity firm Silver Lake.