Asia’s Richest man, Mukesh Ambani, gained more than 10 billion dollars investment for its digital business, Jio, a Reliance Industries Subsidiary. While many companies faced losses owning to the COVID-19 pandemic, Jio seems to have gained larger investments within a month in the course of the lockdown.
The New York-based global investment firm was the latest to invest in Jio limited and will finance Rs. 11,367 crores ($ 1.5 Billion) for a 2.32 percent stake. This will be the fifth investment made during the lockdown in Reliance industries with General Atlantic, Vista, Facebook, and Silver Lake making their investments in Jio platforms earlier in the month.
In a Media Release on Friday, the company conveyed that the investment is to further propel Jio’s vision to enable digital society for India. This is said to be KKR’s largest investment in Asia. The Investments made by leading global technology investors in the last month has been valued at Rs. 78,562 crores.
“KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We are looking forward to leveraging KKR’s global platform, industry knowledge, and operational expertise to further grow Jio,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries, in the release.
Jio platforms, RIL subsidiary, has made significant growth since its inception in 2016, and today is competing in the telecom industry with 388 million subscribers. The multinational aims to build a well-defined digital platform for 1.3 billion people including small merchants, micro-businesses, and farmers to help them enjoy inclusive growth.
Read the Press Release by RIL: https://www.ril.com/getattachment/a5107820-a0c8-4058-850e-940612fa3223/KKR-TO-Invest-%E2%82%B9-11,367-Crore-In-Jio-Platforms.aspx
