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<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> has invested $5.7 billion for a 9.9% stake in <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> which puts the pre-deal valuation at ₹4.4 lakh crore. </li><li>The reason <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword>’s investment makes sense is because <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> is likely to be the fastest-growing segment for Reliance in the post-COVID world. </li><li>It’s also a way for Facebook to gain an edge in the Indian market which has largely been a duopoly between Facebook and Google when it comes to digital solutions for over a decade — a duopoly that has come under pressure with ByteDance’s entry.</li></ul>Facebook announced that it has invested $5.7 billion for a 9.9% stake in Mukesh Ambani’s Reliance Jio platform — India’s largest telecom player by the <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-collaborates-with-mark-zuckerbergs-facebook-to-launch-digital-literacy-program-in-india/articleshow/70066803.cms">number of subscribers</a> ⁠— and in early trade, Reliance Industries (RIL) <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">share price jumped up as much as 7.5%</a>. This is because Facebook’s Mark Zuckerberg has paid a certain premium for a stake in Reliance Jio. The investment has valued Jio at over half of RIL’s total market capitalisation as on April 21. Jio makes up for less than a tenth of RIL’s consolidated revenue which includes other segments like retail, petrochemicals, and oil and gas exploration to name a few. <div type="image" title="RIL" msid="75286310" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries&amp;#39; share price today morning, April 22&amp;lt;/p&amp;gt;"></div> What is the real worth of Reliance Jio? On April 14, HDFC Securities valued Jio at ₹4.8 lakh crore. For every share of RIL which was worth around ₹1,400 then, JIo was estimated to be ₹811 — 57.9% of the market cap. Deven Choksey, the managing director of KR Choksey Shares &amp; Securities told Business Insider, on April 21, that he valued Jio at ₹550 rupees a share when RIL was trading at around ₹1200. Based on a market cap ₹7.8 lakh crore, Jio would be worth ₹3.4 lakh crore by Deven's estimate. At a <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">pre-deal value of ₹4.4 lakh crore</a>, Zuckerberg’s buy-in is about 33% higher than what Choksey had estimated on Tuesday. This explains why RIL’s shares have spiked in a market that’s bearing down due to the impact of Coronavirus. Why Facebook needs Jio The reason Zuckerberg’s investment makes sense is because Jio is likely to be the fastest-growing segment for Reliance in the post-COVID world. Even though the Reliance subsidiary is only three-and-a-half years old, it has stolen the top spot from others like Vodafone and Bharti Airtel to become the largest telecom player in the country making it an attractive buy-in for the US company. “The recent tariff hike should still allow Jio’s EBITDA (earnings before interest, tax, depreciation and amortization) to rise 78% YoY [year-on-year] in FY21. Strong telecom and a weaker rupee will offset big cuts in petrochemicals, refining and retail as FY21 EPS rises a small 1.6% YoY,” estimates capital market and investment group, CLSA. It’s also a way for Facebook to gain an edge in the Indian market which has largely been a duopoly between Facebook and Google when it comes to digital solutions for over a decade. The duopoly that has recently been threatened by ByteDance making inroads with its mobile apps like TikTok and Resso. Entering India hand-in-hand with Jio will give Facebook access to its 370 million subscribers. There are over 451 million active internet users in the country today with the number estimated to rise beyond 600 million in the coming year, according to Internet and Mobile Association of India (<a href="https://cms.iamai.in/Content/ResearchPapers/d3654bcc-002f-4fc7-ab39-e1fbeb00005d.pdf">IAMAI</a>). What does Asia’s second-richest man get from the deal? For Ambani, CLSA forecasts that big deals like the one between Ambani and Zuckerberg will help reduce the burden of debt on RIL, which was at about $22 billion ⁠— 2.7 times its EBITDA⁠— at the end of March 2019. CLSA expects that the ratio will fall to 1.7 times in FY22 even before the Jio-Facebook deal was announced. RIL’s plan to reduce its debt also included a stake sale in its energy business to Saudi Arabia’s Aramco. But the crash in crude oil prices has cast a shadow on the stake sale to Aramco. A fresh start for Facebook This could be a new chapter for Facebook who has been trying to crack the Indian market for a while, but precious ventures like FreeBasics and internet.org did not have the <a href="https://www.businessinsider.in/tech/news/mukesh-ambani-and-mark-zuckerberg-are-looking-to-create-a-wechat-like-super-app-says-report/articleshow/75174322.cms">expected outcome</a>. It also puts Facebook head-to-head against the likes of Japan’s SoftBank, which normally holds the title of being India’s largest tech investor with over $10 billion invested across the country in unicorns like Flipkart, Ola and OYO. See also: <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion</a> <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">Facebook’s investment in Reliance Jio boosts RIL share value by ₹50,000 crore</a>

Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio

New Delhi, Mar 25 () Social media major Facebook is reportedly planning to buy 10 per cent stake in the country's biggest telecom company Reliance Jio. Reliance Industries Limited had set a target to make its telecom services arm Jio debt-free by March 31, 2020. According to Financial Times, Facebook is looking at buying a multibillion-dollar stake in Reliance Jio which has been valued at USD 60 billion by analysts at Bernstein. Both Reliance Jio and Facebook did not comment on the report. The international financial daily said that the lockdown may have an impact on the timing of the deal. Reliance Industries (RIL) in October had announced to set up a new subsidiary to bring all its digital initiatives and apps under a single entity, and infuse Rs 1.08 lakh crore equity into this new unit. Jio apps like JioTV, JioCinema, JioNews etc are to be brought under this new entity in a move to consolidate digital platforms into an elegant capital structure to increase the attractiveness and simplify the structure for possible strategic investors. On March 18, RIL took over some of the debt of Reliance Jio but the company neither disclosed financial details of the transaction nor the names of creditors. In March last year, assets worth about Rs 1.25 lakh crore were demerged from RJIL to Infrastructure Investment Trusts (InvITs) aimed at optimising operational efficiencies and better monetisation of core digital connectivity platform, tower and fibre passive infrastructure. PRS MRMR

Facebook likely to buy 10% stake in Reliance Jio

<ul><li>Facebook has bought 9.9% in Reliance Jio for $5.7 billion. </li><li>The bigger reason for the buy-in is how <keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword> and Reliance Retail can use this partnership to help each other out. </li><li>The payments platform can use Reliance’s massive network of offline stores to monetise its data, while Reliance can use the ‘household’ name to finally yield success with a seamless payments system. </li></ul>Everyone is excited about the deal between Facebook and Reliance Jio in hope that it will result in a new ‘super app’ for India. However, the partnership between Facebook and Reliance Jio has a few more layers than what is visible at first glance. The secret sauce to this deal is the potential for Facebook’s payment solutions — <a href="https://www.businessinsider.in/whatsapp-payments-launching-in-india-against-paytm-google-pay-phone-pe-for-1-trillion-opporunity/articleshow/70376672.cms">WhatsApp Pay</a>. And, this is the reason why <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> is <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">paying top dollar for a stake</a> in <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Jio. “Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India,” said Facebook’s chief revenue officer, David Fisher, and the VP and managing director of India, Ajit Mohan in a <a href="https://about.fb.com/news/2020/04/facebook-invests-in-jio/">post.</a> Zuckerberg’s social network has <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">bought a 9.9% stake</a> in Reliance’s telecom venture for $5.7 billion. However, the second richest man in India — Mukesh Ambani — also owns the country’s biggest retail chain, Reliance Retail. It will now be a force of power to ensure that WhatsApp Pay has a chance of success in the Indian market despite being such a late entrant. “PayTM, PhonePe and other players will be impacted. They don’t have as much e-commerce as these guys will have. That will make a big difference,” Vikram Sud, an independent director at DBS told Business Insider. Retaining employment at brick-and-mortar stores rather than wipe it out “This is an amazing partnership on the payments side. Whatsapp Pay did not have the commercial sides of it as Whatsapp was trying to creep into the business. Now, between Whatsapp, Instagram and Facebook — all the commerce can be done through Whatsapp Pay,” said Sud. Jio’s plan to <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms">pull all kirana stores</a> and combine it with this payment mechanism will be a massive competition to Amazon and all other e-commerce players. You will get delivery from local stores while also helping them retain their employment unlike the advent of Amazon and Walmart, who have been <a href="https://www.businessinsider.in/if-were-living-through-a-retail-apocalypse-why-are-e-commerce-leaders-like-amazon-alibaba-and-jd-com-so-focused-on-building-brick-and-mortar-stores/articleshow/70849067.cms">chipping away</a> at the brick-and-mortar business. “By bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience,” said Facebook. And that’s the play that global IT giant is primarily aiming for, according to a senior industry analyst. They weren’t able to monetise it but that doesn’t change the fact that they're sitting on a huge pile of data. This is something they will now be able to leverage and monetise by using Jio Mart's reach. It’s a win-win situation for Ambani and Zuckerberg “In my mind, Whatsapp Pay and Jio money will all hopefully get rolled into one. It will just make it quicker since there is nobody in India that doesn't have WhatsApp,” said Sud. WhatsApp has been testing its payments platform in India since 2018. It was only available to a million users under a partnership with ICICI Bank. However, the <a href="https://www.businessinsider.in/tech/news/whatsapp-spyware-hack-raises-security-concerns-around-its-upcoming-payments-service/articleshow/71888781.cms">concern for policymakers</a> was whether not it will be responsible to allow a social messaging app — known for being a vehicle of fake news or what’s more commonly called the ‘WhatsApp University’ — to also integrate payments into its platform. In February this year, two years after the company’s first trial, WhatsApp finally got the <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">approval </a>to roll out its digital payment service in a phased manner. In the first phase, it will offer its payment services to 10 million users in the country. See also: <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">Facebook’s investment in Reliance Jio boosts RIL share value by ₹50,000 crore</a> <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio</a>

WhatsApp is the secret sauce in the deal between Facebook and Reliance Jio

(Eds: Adding word in header) New Delhi, Apr 22 () Reliance Industries' telecom arm Jio and social media major Facebook will continue to oppose each other over internet calls and messaging services despite the Rs 43,574-crore investment deal signed between the two companies. Telecom operators, including Reliance Jio, have been demanding "same service same rules" regime which means that mobile applications providing calls and messaging services should also be made to comply with set of rules that are mandatory for mobile service providers. Mobile app companies providing complimentary calls and messages have opposed the same. "Both Facebook and Jio are independent companies. We will have our independent views. There will be areas where we will collaborate and there will be areas where we will differ and compete. There is no change in what we think about business. We don't expect it from Facebook either. So no changes or nothing to really comment on those aspects," Reliance Jio head of strategy Anshuman Thakur told . He was replying to a question that whether there will be change in the stance of the company with Facebook coming on the board of Jio Platforms with 9.9 per cent stake. Facebook too echoed the same thought that differences will continue on the issue of "same service same rules" between both the companies. "As excited as we are about collaborating, I think we also expect that there will be areas where we compete. We are showing alignment on opportunity to work together to have positive impact for small businesses particularly. I do agree that there will be areas where we disagree as well," Facebook India vice president and managing director Ajit Mohan said. Earlier in the day, Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 9.99 per cent stake in the firm that houses Ambani's telecom arm Jio as the social media giant looks to expand presence in its largest market in terms of subscriber base."We have made a minority investments in Jio Platforms. We are excited about that canvas. We do think it will be really good for the ecosystem at large. We also expect that there will be areas where we won't have same point of view," Mohan said.Facebook will get a seat on board on Jio Platforms Ltd, the company it is investing in, along with an observer seat.Once the investment comes in, Rs 15,000 crore will be retained in Jio Platforms Ltd while the rest will be used to redeem OCPS (optionally convertible preference shares) of Reliance Industries Ltd."In that sense, the entire amount does go to reduce the debt of the Group... Jio Platforms Ltd has been valued at an enterprise value of Rs 4.62 lakh crore. The debt in the company is around Rs 40,000 crore. With this investment, Rs 15000 crore will be retained in the company and balance will be used to redeem OCPS investments of RIL in this company," he said.In October, Jio Platforms transferred most of the debt to its parent firm Reliance Industries Limited. The net debt of Jio Platforms will correspondingly reduce because of cash which is retained in the company, Thakur said."Jio Platforms now has very little debt which mostly pertains to spectrum liability and some commercial business," Thakur said. Jio Platforms, Reliance Retail and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail's new commerce business on the JioMart platform using WhatsApp. Jio Mart will look at involving local businesses starting with grocery shops before expanding in to other categories like education, health, etc. RIL Chairman and Managing Director Mukesh Ambani after announcement of the deal said that Jio's digital connectivity platform and Facebook's relationship with the Indian people will offer innovative new solutions to all individuals in the country. "In the very near future, JioMart-Jio's Digital new commerce platform and Whatsapp will empower nearly 3 crore small Indian Kirana shops to digitally transact with every customer in their neighbourhood. This means all of you can order and get faster delivery of day-to-day items, from nearby local shops. At the same time small kiranas can row their businesses and create new employment opportunities using digital technologies," Ambani said. Thakur said that the beta version of Jio Mart has already been launched in parts of Mumbai and there is no definite time-line on it becoming completely operational due to uncertainty around the lockdown period. "We have been working on. Beta phase, in fact we have rolled out to a number of merchants in the new Bombay area and few other places. Things have been impacted because of the lockdown. Trials had to be slowed down. One doesn't know how the lockdown will be revoked. For now beta trials are going and they are going good. This will be across categories. Grocery is one segment where we are providing service to," he said. When asked about who will handle the payment part of Jio Mart app as the government has not yet allowed Whatsapp to carry out digital payments, Thakur said that the app leverages a system developed by Reliance Retail. "Jio Mart is Reliance Retail business and Jio mart has its own digital platform on which it is enabling customers and merchants to transact. We will work with Whatsapp to use the Whatsapp platform as a means to bring the merchants and customers more seamlessly," Thakur said.Facebook is also testing alternate technologies to provide internet services. The company tried to start trials for alternate technologies but could not go ahead because of regulatory reasons. Mohan declined to comment on testing those alternate technologies on the Jio network but briefly mentioned that 5G technology will be one of the area where both the entities can collaborate.He said that both the companies are trying to expand the digital ecosystem. "Why we have invested in Jio is that we are excited about what Jio has done in the last four years and what we can do. If we do bring in that energy we can bring new opportunities. Even without payments we think that the collaboration can bring a lot of value to the people," Mohan said. He said that the construct of collaboration around Jio Mart is not an exclusive arrangement between the two companies. The deal signed between the two companies needs only approval of Competition Commission of India but due to uncertainty around lockdown, Thakur said that definite time to close the deal cannot be committed. "This one comes under the automatic route for FDI. RJIL is the only licence business where 49 per cent is automatic. Only approval that we require is from CCI. We will soon approach them with our application and then whatever time it takes. They will settle the transaction and let us know," he said. With this agreement, Facebook has become the largest partner of Jio on board.Jio Platforms houses digital services of the group and Reliance Jio Infocomm Ltd, with 388 million subscribers, is a wholly-owned subsidiary of Jio Platforms.The Facebook deal is part of value unlocking by RIL to cut debt. RIL has been seeking strategic partnerships across its businesses while targeting to deleverage its balance sheet.It has been talking to Saudi Aramco for sale of a 20 per cent stake in its oil-to-chemical business for an asking of USD 15 billion. RIL has already tied up with BP Plc for fuel business as it targets to have a debt-free status by next year.Jio had also been reportedly talking separately to Google but the fate of those discussions is not known.The latest deal is a win-win for both Facebook and Jio. It would give Facebook deeper access to India, the second largest internet market after China.Facebook already has 400-plus million Whatsapp users in India and is looking to launch a payment offering. Having a local partner could help it in navigating various regulatory issues, including those related to privacy and local storage. PRS MBI MKJMKJ

Jio, Facebook to continue opposing each other over internet calls, messages

New Delhi, Apr 23 () Facebook Inc's USD 5.7 billion investment in Jio Platforms, subsidiary of Reliance Industries Ltd (RIL), will help to monetise the digital platforms of both companies and aid in deleveraging of RIL's balance sheet, Fitch Ratings said on Thursday. Facebook's investment for a 9.99 per cent stake in Jio Platforms is the single-largest FDI in the Indian telecoms and technology sector. Reliance Jio, the wireless market leader with around 390 million subscribers, is a subsidiary of Jio Platforms. At the same time, Reliance Retail, RIL's retail arm, has also partnered with Facebook's WhatsApp to allow RIL's e-commerce business users to use the WhatsApp platform. Fitch said it had in August last year revised the outlook on RIL's 'BBB' rating to 'positive' and may upgrade to 'BBB+' if "net adjusted debt/EBITDA ratio improves to below 1.5x on a sustained basis". "The deal is part of RIL's plan to strengthen its businesses and to achieve a net cash position - through partnerships and supported by organic growth and lowcapex," Fitch said in a statement. "We expect the partnership with Facebook to bolster RIL's consumer business in the medium term." The rating agency said the proceeds from the transaction should help RIL maintain the pace of its deleveraging - counteracting the likely weakness in its refining and petrochemical segment during 2020-21. Fitch expects RIL's oil-to-chemical segment to face volume and margins headwinds due to the impact of the COVID-19 pandemic in line with the industry trend. "We expect the pandemic to weaken demand for refined products and petrochemicals in Asia-Pacific during 2020, with a gradual recovery through 2021 to pre-COVID-19 levels. However, RIL should be less affected than peers, due to the high complexity of its refineries and integrated petrochemical operations with feedstock flexibility," it said. The deal, it said, will allow both Facebook and Jio to monetise their digital platforms, engage customers online, and provide direct connectivity between users and merchants. Usage of digital platforms is likely to grow significantly in the medium-term amid severe disruptions caused by lockdowns and social distancing measures. Increasing reliance on digital platforms might also assist RIL in gaining market share in India's growing e-commerce segment, and soften the impact of lower footfalls in its physical retail stores. "Jiomart, which is a market-place platform and built in partnership with small merchants and 'kirana' (small neighbourhood retail store) shops, will allow users to buy goods and services using WhatsApp and Facebook Messenger. Jio Platforms will focus on introducing digital solutions for 60 million micro, small and medium businesses; 120 million farmers; 30 million merchants; and millions of SMEs in the informal sector," Fitch said. On its part, Facebook is likely to be able to expand its platforms - including Facebook Marketplace, Instagram Shopping and Facebook Pay - to help SMEs set up virtual shops on such platforms and sell goods and services. Facebook plans to roll out WhatsApp Payments in India and other countries this year, after having tested this with a million people in India in 2018. WhatsApp Platform, which has started charging businesses, is still offered free to retail users globally, it said. Facebook reported 641 million daily active users (DAU) in APAC in 4Q19, up by 14 per cent year-on-year and now contributing around 39 per cent of overall 1.7 million DAUs. India is the single-largest market with about 330 million monthly users, and also one of the fastest-growing markets for Facebook. WhatsApp's messaging app also has the largest user base in India, with about 400 million users. "We believe internet users in the country will rise to at least 800 million by 2022, up from around 600 million in 2019 as India overtook the US to become the world's second-largest smartphone market after China by unit shipments in 2019. DAUs represented around 66 per cent of 2.5 billion monthly active users in December 2019," Fitch added. ANZ DRRDRR

Facebook deal to help Reliance monetise platforms, deleverage: Fitch

(Eds: Adding details) New Delhi, May 17 () Reliance Industries on Sunday announced the sale of 1.34 per cent stake in its digital unit to global equity firm General Atlantic for Rs 6,598.38 crore, the fourth deal in less than four weeks that will inject a combined Rs 67,194.75 crore in the oil-to-telecom conglomerate to help it pare debt."This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. General Atlantic's investment will translate into a 1.34 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement.The deal follows Facebook picking up a 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore."With this investment, Jio Platforms has raised Rs 67,194.75 crore from leading technology investors, including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks," the statement said.Strategic and financial investors are to form 20 per cent of Jio Platforms. Between the four deals, Reliance has sold 14.8 per cent of Jio Platforms and more such investments are likely in near future.Ambani, 63, chairman and managing director of Reliance, had in August last year set a target of March 2021, to make his conglomerate net debt-free. But thanks to the Facebook deal, a Rs 53,125 crore rights issue, private equity investments, and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.At the end of March quarter, Reliance had an outstanding debt of Rs 3,36,294 crore and cash in hand of Rs 1,75,259 crore. After adjusting cash, the net debt came to Rs 1,61,035 crore.Of the outstanding debt, Rs 2,62,000 crore is on Reliance books and Rs 23,000 crore is with Jio.Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company. Reliance Jio Infocomm Ltd, with 388 million mobile subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.General Atlantic is a leading global growth equity firm with a 40-year track record of investing in the technology, consumer, financial services and healthcare sectors. It has a longstanding tradition of backing disruptive entrepreneurs and companies around the world, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders.Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "I have known General Atlantic for several decades and greatly admired it for its belief in India's huge growth potential. We are excited to leverage General Atlantic's proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio".Bill Ford, Chief Executive Officer of General Atlantic, said that as long-term backers of global technology leaders and visionary entrepreneurs, GA could not be more excited about investing in Jio."We share Mukesh's conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India," Ford said.Akash Ambani, Director of Reliance Jio, said: "We are delighted that a renowned global investor like General Atlantic is partnering with us in our journey to digitally empower India and Indians". Jio is committed to make a digitally inclusive India that will provide immense opportunities to every Indian citizen especially to highly talented youth. General Atlantic's endorsement and partnership energises Jio's young team to set, and achieve, even more ambitious goals in our onward march, he noted.Sandeep Naik, Managing Director and Head of India &amp; Southeast Asia at General Atlantic, said, "General Atlantic has nearly two decades of experience of investing in India, and specifically in founder-led businesses that are based upon principles of enablement, inclusion and progress".In just three and a half years, Jio has had a transformational impact in democratising data and digital services, propelling India to be positioned as a leading global digital economy, Naik added.The transaction is subject to regulatory and other customary approvals.Morgan Stanley acted as financial advisor to Reliance and AZB &amp; Partners, and Davis Polk &amp; Wardwell acted as legal counsel. Paul, Weiss, Rifkind, Wharton &amp; Garrison and Shardul Amarchand Mangaldas &amp; Co acted as legal counsel to General Atlantic. ANZ BALBAL

Reliance strikes 4th deal, sells 1.34 pc in Jio Platforms for 6,598.38 cr to General Atlantic

(Eds: Adding details) New Delhi, May 17 () Reliance Industries on Sunday announced the sale of 1.34 per cent stake in its digital unit to global equity firm General Atlantic for Rs 6,598.38 crore, the fourth deal in less than four weeks that will inject a combined Rs 67,194.75 crore in the oil-to-telecom conglomerate to help it pare debt."This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. General Atlantic's investment will translate into a 1.34 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement.The deal follows Facebook picking up a 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore."With this investment, Jio Platforms has raised Rs 67,194.75 crore from leading technology investors, including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks," the statement said.Strategic and financial investors are to form 20 per cent of Jio Platforms. Between the four deals, Reliance has sold 14.8 per cent of Jio Platforms and more such investments are likely in near future.Ambani, 63, chairman and managing director of Reliance, had in August last year set a target of March 2021, to make his conglomerate net debt-free. But thanks to the Facebook deal, a Rs 53,125 crore rights issue, private equity investments, and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.At the end of March quarter, Reliance had an outstanding debt of Rs 3,36,294 crore and cash in hand of Rs 1,75,259 crore. After adjusting cash, the net debt came to Rs 1,61,035 crore.Of the outstanding debt, Rs 2,62,000 crore is on Reliance books and Rs 23,000 crore is with Jio.Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company. Reliance Jio Infocomm Ltd, with 388 million mobile subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.General Atlantic is a leading global growth equity firm with a 40-year track record of investing in the technology, consumer, financial services and healthcare sectors. It has a longstanding tradition of backing disruptive entrepreneurs and companies around the world, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders.Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "I have known General Atlantic for several decades and greatly admired it for its belief in India's huge growth potential. We are excited to leverage General Atlantic's proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio".Bill Ford, Chief Executive Officer of General Atlantic, said that as long-term backers of global technology leaders and visionary entrepreneurs, GA could not be more excited about investing in Jio."We share Mukesh's conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India," Ford said.Akash Ambani, Director of Reliance Jio, said: "We are delighted that a renowned global investor like General Atlantic is partnering with us in our journey to digitally empower India and Indians". Jio is committed to make a digitally inclusive India that will provide immense opportunities to every Indian citizen especially to highly talented youth. General Atlantic's endorsement and partnership energises Jio's young team to set, and achieve, even more ambitious goals in our onward march, he noted.Sandeep Naik, Managing Director and Head of India &amp; Southeast Asia at General Atlantic, said, "General Atlantic has nearly two decades of experience of investing in India, and specifically in founder-led businesses that are based upon principles of enablement, inclusion and progress".In just three and a half years, Jio has had a transformational impact in democratising data and digital services, propelling India to be positioned as a leading global digital economy, Naik added.The transaction is subject to regulatory and other customary approvals.Morgan Stanley acted as financial advisor to Reliance and AZB &amp; Partners, and Davis Polk &amp; Wardwell acted as legal counsel. Paul, Weiss, Rifkind, Wharton &amp; Garrison and Shardul Amarchand Mangaldas &amp; Co acted as legal counsel to General Atlantic. ANZ BAL

Reliance strikes 4th, sells 1.34 pc in Jio Platforms for 6,598.38 cr to General Atlantic

<ul class="summary-list"><li><keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword> is to invest $4.5 billion into Indian internet company Jio Platforms, Google chief executive Sundar Pichai confirmed on Wednesday.</li><li>Jio Platforms owns <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s biggest telecoms provider <keyword id="6354504" type="DEFINITION" weightage="60" keywordseo="reliance-jio">Reliance Jio</keyword> as well as a suite of homegrown apps such as Zoom rival JioMeet.</li><li>The investment gives Google a 7.7% stake in Jio Platforms, providing the deal is cleared by India's regulators.</li><li>Reliance Jio's founder, Mukesh Ambani, is currently the sixth-richest man in the world, with a net wealth of $72.4 billion.</li></ul>Google will invest $4.5 billion in disruptive, popular Indian internet firm Jio Platforms, the company <a href="https://blog.google/around-the-globe/google-asia/bringing-internet-access-millions-more-indians-jio">confirmed on Wednesday</a>.The deal gives Google a 7.7% stake in the company, pending approval by Indian regulators.The two firms plan to develop an entry-level Android phone that could bring millions more Indian users online.Google CEO Sundar Pichai, announcing the deal on Wednesday, <a href="https://twitter.com/sundarpichai/status/1283332612308627456">tweeted</a>: "Everyone should have access to the internet. Proud to partner with <a href="https://twitter.com/reliancejio">@reliancejio</a> to increase access for the hundreds of millions in India who don't own a smartphone with our 1st investment of $4.5B from the <a href="https://twitter.com/hashtag/GoogleForIndia?src=hashtag_click">#GoogleForIndia</a> Digitization Fund."A subsidiary of Indian conglomerate Reliance, Jio Platforms owns India's biggest mobile operator Jio, which has a subscriber base of 369.93 million and more than 30% market share.Jio Platforms also owns a suite of homegrown internet apps, including Zoom rival JioMeet and music streaming service JioSaavn.The funding is part of a slew of Google initiatives in India. CEO Sundar Pichai recently held a video call with Indian prime minister Narendra Modi. And the $4.5 billion cash injection comes from a new <a href="https://www.businessinsider.com/google-alphabet-india-health-agriculture-education-tech-ai-sundar-pichai-2020-7?r=US&amp;IR=TIR=T">$10 billion fund that Google plans to invest in India</a>.Pichai is also friendly with the founding family behind Reliance Jio, the Ambani family, attending scion Akash Ambani's wedding in Mumbai in 2019.Other major tech firms have already invested billions in Jio Platforms. <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword> announced a $5.7 billion investment <a href="https://www.businessinsider.com/facebook-invests-in-jio-india-mobile-internet-service-2020-4?r=US&amp;IR=TIR=T">in April</a>. Qualcomm announced this week <a href="https://edition.cnn.com/2020/07/13/tech/qualcomm-reliance-jio-investment-intl-hnk/index.html">it was investing around $100 million</a>, while Saudi Arabia's Public Investment Fund, KKR, Vista Equity Partners, and many others have invested billions in recent months.<h2>The 'Jio effect' has had a huge impact on Silicon Valley</h2>Jio's rise in India has been meteoric.The Reliance subsidiary has brought millions of Indians online for the first time over the past four years by offering free or incredibly cheap 4G data.This wave of new internet users has benefited the likes of Google and Facebook, both of which are experiencing saturation in the West and are increasingly looking at Asia and emerging economies to provide their "next billion users." Facebook explicitly called out the positive effect of cheap data plans in emerging economies on its user growth back in 2016, and repeatedly describes India is its fastest-growing market.<a href="https://www.businessinsider.com/reliance-jio-millions-of-indians-online-reshaped-internet-2019-8?r=US&amp;IR=TIR=T">As Business Insider previously reported</a>, one side effect of millions of new Indian users flooding the internet was the dethroning of popular gaming YouTuber PewDiePie as the top creator on the platform. He was replaced by T-Series, an Indian record label that garners hundreds of millions of views by posting Indian music videos to YouTube and is little-known outside the country.Meanwhile, Reliance chairman Mukesh Ambani is now the sixth-richest person in the world, per <a href="https://www.bloomberg.com/billionaires/">Bloomberg's Billionares Index</a>, surpassing Tesla CEO Elon Musk with a net wealth of $72.4 billion.

Google is investing $4.5 billion in India's mobile internet giant Reliance Jio and the 2 will make a new affordable Android phone

New Delhi, Apr 22 () Setting a new benchmark in dealmaking, the USD 5.7 billion investment by Facebook in Reliance Industries' Jio Platforms saw a bulk of the active M&amp;A dialogue, including for due diligence and agreement negotiations, happening remotely, bankers and advisors involved in the transaction said. This is one of the biggest deals that has taken place when there is a nationwide lockdown in India while same is the case for most states in the US -- the two countries where the two parties of this deal are based. The deal, which gives unlisted Jio Platforms an enterprise value of close to USD 66 billion, will help its listed parent firm Reliance Industries cut debt and also use Facebook's popular messaging platform WhatsApp as a front-end for creating an Indian e-commerce giant that could rival global giants like Amazon and Walmart. While Bank of America was the exclusive financial advisor to Facebook for this transaction, Morgan Stanley advised Reliance Industries. AZB &amp; Partners and Davis Polk &amp; Wardwell acted as counsels for RIL, while Shardul Amarchand Mangaldas was legal advisor for Facebook. Bankers involved in the deal said the active deal-specific dialogue had been going on for a few months before it became public, but broader discussion between Reliance Industries and Facebook was happening for much longer, which had started on talks for doing something together and then moved on towards getting to know each other and building the trust. "For last two months, much of the discussion, a large part of due diligence, agreement negotiations, etc, all of that have happened remotely. Even some board meetings have happened remotely. Once the active M&amp;A dialogue began, most of that has happened remotely," a top banker said. Traditionally, deals of this magnitude, especially cross-border ones, involve extensive travel and physical visits to offices and facilities by top executives as well as financial and legal advisors from both sides for an all-round vetting, including of books of accounts and financial statements. Another banker said the deal discussions from Facebook's side were mostly driven by the social media giant's finance and M&amp;A teams, while legal teams were also involved actively. The overall business leadership team of Facebook was mostly involved in discussions at the back-end with various top stakeholders of Reliance Industries group, the banker said. Reliance Industries' Chairman and Managing Director Mukesh Ambani said Reliance Jio and Facebook will look to use WhatsApp for delivering goods from local neighbourhood kirana stores to consumers before expanding collaboration into education and healthcare sectors. "The combined power of Jio's world-class digital connectivity platform and Facebook's intimate relationship with the Indian people will offer innovative new solutions to each one of you," Ambani said. "In the very near future, JioMart -- Jio's digital new commerce platform, and WhatsApp will empower nearly three crore small Indian kirana shops to digitally transact with every customer in their neighbourhood," he said. WhatsApp has over 400 million users in India while Jio has 388 million-plus phone subscribers. Facebook itself has about 250 million users in India. The bankers said the deal gives an opportunity to Facebook to establish a broader partnership in India as the country is very important for the global giant and it sees a long growth horizon in Jio, both in terms of mobile and fixed broadband businesses. During the discussions, Facebook was also impressed with the way 'Jio Homes' is connecting houses with fibre broadband and it has become even more important during the ongoing lockdown to have good fibre connection. Besides, Facebook sees a great value in a suite of apps and OTT (over the top) platforms that Jio has created, the bankers said. Facebook is also excited about a proposed collaboration between WhatsApp and Jio Mart, where it sees the messaging platform becoming a front-end technology partner for Jio Mart, among various other long-term growth opportunities. WhatsApp users would be effectively able to shop what they want, using the backend of Jio Mart. Facebook itself is not in the business of setting up stores or warehouses or moving goods etc. The deal can see Facebook and WhatsApp customer in India getting connected to retailers across the country. Another person involved in the deal said it does not put Facebook in direct competition with Amazon, Walmart or Flipkart, but Jio Mart is clearly competing with those e-commerce platforms. He clarified Facebook itself is not creating a new app or platform, but WhatsApp itself is moving towards becoming a tool for e-commerce. The bankers ruled out any immediate plans for Facebook increasing the stake from 9.99 per cent. BJ RAM

Dealmaking in times of corona: Facebook-Jio sets new benchmark for remote negotiations

(Eds: Adding details) New Delhi, Jun 5 () Reliance Industries on Friday announced the sale of 1.85 per cent stake in its digital unit to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore, the sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt. "Mubadala Investment Company (Mubadala), will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," the company said in a statement. With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks. Facebook picked up 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore. On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. This was followed by US private equity giant KKR buying 2.32 per cent for Rs 11,367 crore. Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company. Reliance Jio Infocomm Ltd, with 388 million mobile subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said Mubadala is one of the most astute and transformational global growth investors. "Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala's work in diversifying and globally connecting the UAE's knowledge-based economy. We look forward to benefitting from Mubadala's experience and insights from supporting growth journeys across the world," he said. Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said: "We are committed to investing in, and actively working with, high growth companies which are pioneering technologies to address critical challenges and unlock new opportunities." "We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India's digital growth journey. With Jio's network of investors and partners, we believe that the platform company will further the development of the digital economy." To further its commitment to innovation and technology, Mubadala established its Ventures arm in 2017 to partner early with visionary founders and support innovative businesses. Mubadala's Ventures business currently manages several venture funds in the US, Europe and Middle East. At present, Mubadala's portfolio spans advanced manufacturing, semiconductors, metals &amp; mining, pharmaceutical and medical technology, renewable energy and utilities, and the management of diverse financial holdings. The transaction is subject to regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries and AZB &amp; Partners, and Davis Polk &amp; Wardwell acted as legal counsel. Ambani, 63, chairman and managing director of Reliance, had in August last year set a target of March 2021, to make his conglomerate net debt-free. But thanks to the Facebook deal, a Rs 53,125 crore rights issue, private equity investments, and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December. At the end of March quarter, Reliance had an outstanding debt of Rs 3,36,294 crore and cash in hand of Rs 1,75,259 crore. After adjusting cash, the net debt came to Rs 1,61,035 crore. Of the outstanding debt, Rs 2,62,000 crore is on Reliance books and Rs 23,000 crore is with Jio. PRS ANZ DRR DRR

Reliance strikes 6th deal, sells 1.85 pc in Jio Platforms for Rs 9,093.60 cr to Abu Dhabi's Mubadala

<ul><li><keyword id="6354576" type="COMPANY" weightage="20" keywordseo="facebook">Facebook</keyword> and Reliance Industries are reportedly in talks to create a multipurpose app for India. </li><li>The app will allow users to chat, play games, shop online, book tickets and more. </li><li>The discussions have reportedly been delayed due to the Coronavirus pandemic. </li></ul>Reliance Industries and Facebook are reportedly in talks to create a multipurpose app for India that may change how Indians chat, play games and make payments. According to an Economic Times <a href="https://economictimes.indiatimes.com/tech/software/ril-facebook-weigh-creating-a-super-app/articleshow/75169476.cms">report</a>, the two companies are looking to create a <keyword id="1160904" type="COMPANY" weightage="20" keywordseo="WeChat">WeChat</keyword> like app for the country. The report suggests that both the companies would bring in technical knowhow, funding and domain expertise for the project. The discussions for the project have reportedly been delayed due to the Coronavirus pandemic. “This is going to be a defining partnership, and it’s not just a financial investment. The deal is about creating value and a business that would differentiate both Facebook and Reliance,” said a person familiar with the matter. <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> may soon offer games, digital payments and more Facebook is looking to leverage its popular messaging app WhatsApp which crossed 2 billion users earlier this year. While the company has not revealed the number of users in India, it had reported 400 million users in July 2019. The multipurpose app will reportedly be built along the lines of WeChat that combines digital payments, games, social media, ticket booking and more in one app. Users will be able to chat, buy groceries from Reliance Retail stores, shop on the company’s Ajio platform or make payments using JioMoney on the new multipurpose app. It’s not clear if the companies will launch a new app for this or add these new functions to WhatsApp. Facebook may invest in Reliance Jio Mark Zuckerberg-led Facebook is <a href="https://www.businessinsider.in/business/news/why-facebook-owner-mark-zuckerberg-wants-stake-in-mukesh-ambani-owned-reliance-jio/articleshow/74803994.cms">reportedly</a> looking to acquire a 10% stake in Mukesh Ambani-owned Reliance Jio. However, a source told Economic Times that the situation is ‘fluid’ and it is unclear what the final structure would look like. “A new company could be created – where both the players could invest; or Facebook could invest in Reliance Jio and Reliance Retail, and that is the way the partnership could be formed for the new venture,” the source said. The two companies have reportedly hired top consultants and lawyers in the US to explore various aspects of the deal, including legal and taxation matters. See also: <a href="https://www.businessinsider.in/business/news/why-facebook-owner-mark-zuckerberg-wants-stake-in-mukesh-ambani-owned-reliance-jio/articleshow/74803994.cms">Facebook's next investment in India may be Mark Zuckerberg's most important — in Asia's richest man Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-jio-becomes-the-largest-telco-by-revenue-and-subscribers-as-industry-shows-signs-of-recovery/articleshow/73667566.cms">Mukesh Ambani’s Reliance Jio becomes the largest telco by revenue and subscribers - as industry shows signs of recovery</a>

Mukesh Ambani and Mark Zuckerberg are looking to create a WeChat like super-app says report

New Delhi, Jul 22 () Tech giant Google will approach the Competition Commission of India (CCI) to seek approval for its Rs 33,737 crore investment in Jio Platforms for a 7.73 per cent stake, according to sources. Google plans to approach the CCI for approval on the deal in the next two weeks, according to the sources privy to the development. When contacted, Google and Reliance Jio did not comment on the matter. The deal, which was announced on July 15 at Reliance Industries' annual general meeting, will see Google pick up 7.73 per cent stake in RIL's technology venture Jio Platforms for Rs 33,737 crore. The partnership will also see the two parties cooperate on technology initiatives, including development of affordable smartphones. California-based Alphabet Inc (parent company of Google) joined Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99 per cent stake for Rs 43,573.62 crore. Last month, Facebook received CCI approval on its transaction that was carried out through a wholly-owned indirect subsidiary, Jaadhu Holdings LLC. Reliance has sold a 32.8 per cent stake in Jio Platforms Ltd – the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps – to 13 marquee firms including chipmaker Intel Corp and Qualcomm Inc, for over Rs 1.52 lakh crore. Jio Platforms, which is also amassing a wide range of services from music streaming to online retail and payments, is expected to use its 388 million mobile phone subscribers as the cornerstone of an e-commerce and digital services business to rival Amazon and Walmart's Flipkart. Google and Jio are partnering to build an operating system that could power affordable 4G and 5G smartphones. Also, JioMart, online shopping portal, and WhatsApp will be working closely to enable customers to seamlessly transact at mom-and-pop stores. Commenting on the partnership with Jio, Google CEO Sundar Pichai had said: "Through this partnership with Jio Platforms, we see the chance to have an even greater impact than either company could have alone. This partnership is a key part of the next chapter of investment in India... Our investment of USD 4.5 billion in Jio is the first -- and the biggest -- investment we will make through this fund (of USD 10 billion announced on July 13)." On July 13, Google announced its 'Google for India Digitisation Fund', wherein it will invest Rs 75,000 crore (about USD 10 billion) to accelerate India's digital economy over the next 5-7 years. SR MBI ANZ HRS

Google to approach CCI for approval on Rs 33,737-cr deal with Jio Platforms

New Delhi, Jun 14 () 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. It has literally been an investment spree into Jio Platforms ever since Facebook announced its Rs 43,573.62 core infusion on April 22. Besides Facebook, Reliance has attracted some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic resulting in a recession kind of environment for the global economy. Including Facebook, nine marquee investors on a combined basis hold 22.38 percent stake in Jio Platforms. Facebook holds the largest stake at 9.99 per cent. Within days of that deal, Silver Lake -- the world's largest tech investor -- bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It infused another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent. Private equity players KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8. Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority (ADIA) on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake. On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. Reliance Jio is India's biggest telecoms firm by subscribers, with more than 388 million users. It has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data. "Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services," said Jim Coulter, co-CEO of TPG -- which has more than USD 79 billion of assets under management including investments in technology companies like Airbnb, Uber and Spotify. The Jio Platforms deals, along with a Rs 53,124 crore rights issue, will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year, according to the company. L Catterton, which has a partnership with French luxury group LVMH and investment firm Groupe Arnault, concentrates on consumer-focused brands such as Peloton, Vroom, ClassPass, Owndays and FabIndia. Established in 1976, ADIA is a globally-diversified investment institution that invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. Mubadala invests in transformative information and communications technology which include cognitive computing, ICT infrastructure, telecoms, and satellite operations. With USD 40 billion in combined assets under management and committed capital, Silver Lake is the world's largest tech investor. It has invested in some of the largest and most successful tech companies globally such as Twitter, Airbnb, Alibaba, Dell Technologies, Ant Financial, Twitter, Alphabet's Waymo and Verily. Founded in 1976, KKR has a long history of building leading global enterprises and successfully investing in businesses in the technology sector, including BMC Software, ByteDance and GoJek through its private equity and technology growth funds. Since inception, the firm has invested over USD 30 billion in tech companies. General Atlantic has a long-standing tradition of backing disruptive entrepreneurs and companies around the world, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders. Vista is a leading global investment firm focused on empowering and growing enterprise software, data and technology enabled companies. It has more than USD 57 billion in cumulative capital commitments and its global network of companies collectively represent the fifth largest enterprise software company in the world. MBI ANZ ABM ABM

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Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio

Prabhjote Gill