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Reliance Jio-Silver Lake deal | Expect RIL to make further investments in consumer technology: Fitch

Private equity firm Silver Lake Partners has bought 1 percent of Jio Platforms for $750 million, RIL said on May 4.

May 04, 2020 / 03:59 PM IST

Private equity firm Silver Lake Partners has bought 1 percent of Jio Platforms for Rs 5,655.75 crore ($750 million), Reliance Industries (RIL) said on May 4.

Rating agency Fitch has said it expects RIL to make further investments in consumer technology, following the deal with Silver Lake Partners.

Fitch has also said the deals with Facebook and Silver Lake will help strengthen RIL's balance sheet.

In April, Facebook acquired a 9.9 percent stake in Jio Platforms for $5.7 billion.

Financial services firm Edelweiss also shared its views on the transaction between Jio Platforms and Silver Lake.

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"Bringing in strategic partners in a difficult time is encouraging," Edelweiss said.

SBICAP has said getting a premium on the deal in just a week's time is positive before the rights issue.

Follow our complete coverage of the Jio Silver Lake coverage here.

(This is a developing story. Please check back for updates.)

Disclaimer: Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.



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Moneycontrol News
first published: May 4, 2020 10:08 am
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