After scoring eight cheques in around two months for his crown jewel Jio Platforms Limited, India's richest man Mukesh Ambani is in the process of roping in San Francisco-based top global investor TPG Capital. The private equity firm is in active talks with Jio and could pump in $1-2 billion in the holding company of Reliance Industries' digital and telecom businesses, The Economic Times reported. Official announcement in this regard could be made in the next few days.
Also read: Why global PE giants are crazy about Jio?
So far, JPL has received an investment commitment of Rs 97,885.65 crore against dilution of 21.06 per cent stake, with the recent one from Abu Dhabi government's global investment arm Abu Dhabi Investment Authority (ADIA) that decided to invest Rs 5,683.50 crore in JPL for 1.16 per cent stake.
Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR and Mubadala have already announced their investments in JPL. Of this, Facebook's deal of Rs 43,574 crore for 9.99 per cent stake is the largest so far in the company. For making JPL debt-free, the parent company has infused Rs 1.08 lakh crore in it.
Anant Ambani, the youngest son of Mukesh Ambani, has been formally inducted into the family empire as additional director in Jio Platforms.
JPL was created as a subsidiary of RIL in October last year to bring together all digital and mobility businesses under one roof. The new entity has become the parent of Reliance Jio Infocomm and applications like MyJio, JioTV, JioCinema, JioNews and JioSaavn, besides content-generation ventures. Thus, the operating company Reliance Jio became a step-down subsidiary of RIL.
They want to build JPL like Alibaba and Google, which claim high valuations in the stock markets. RIL has been using the cash flow from its flagship petroleum refining business to build the telecom and retail subsidiaries all these years. RIL has spent about Rs 4 lakh crore to build Reliance Jio.