Reliance Industries Limited's digital platform Jio Platforms Limited has raked in 10 investments in the past seven weeks, with the latest ones from TPG and PE firm L Catterlon. The two companies have bought 0.93 per cent and 0.39 per cent stake in JPL for Rs 4,546.80 crore and Rs 1,894.50 crore, respectively. With this, the company has sold a total of 22.38 per cent stake in Jio Platforms for Rs 1.04 lakh crore. The recent investments in JPL are especially significant at a time when the world is grappling with COVID-19 and businesses are taking a severe hit as they reflects confidence in Indian businesses.
Here's a timeline of Jio Platform's fundraising journey so far.
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.
For making JPL debt-free, the parent company has infused Rs 1.08 lakh crore in it. 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. The Indian conglomerate has spent about Rs 4 lakh crore to build Reliance Jio.
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