Weeks after Facebook invested $5.7 billion in Indian telecom giant Jio Platforms, private equity firm Silver Lake is following suit.
Silver Lake announced on Monday it will be investing 56.56 billion Indian rupees (about $746.8 million) in the top Indian telecom operator Jio Platforms, giving it a valuation of $65 billion.
Reliance Jio, which began its commercial operation in the second half of 2016, upended the local telecom market by offering bulk of 4G data and voice calls for six months to users at no charge. Jio Platforms, a subsidiary of Reliance Industries (India’s most valuable firm by market value), has amassed 388 million subscribers in the period, becoming the nation’s top telecom operator.
“Jio Platforms is one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision. They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous, and we are honored and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission,” said Egon Durban, co-chief executive and managing partner at Silver Lake, in a statement.
In a statement, Mukesh Ambani, who oversees Reliance Industries, said, “Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.”
In the company’s earnings call last week, Ambani said several firms had expressed interest in buying a stake in Jio Platforms.
More to follow…
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