Based Vista Equity Partners to invest Rs 11367 crore in Reliance Jio

Based Vista Equity Partners to invest Rs 11367 crore in Reliance Jio”

The trio of share sales help Reliance industries reduce the debt burden that it amassed during its recent expansionary phase.

USA tech investor Vista Equity Partners is to spend $1.71 billion buying a stake in budding Indian media powerhouse Jio Platforms.

Facebook had bought 9.99 per cent stake in Jio Platforms - the firm that houses India's youngest but biggest telecom firm, for Rs 43,574 crore. Dr Reddy's gained by 4.4 per cent, Hindustan Lever by 3.3 per cent and Hindalco by 2.5 per cent.

In a corporate filing with the BSE, Reliance Industries said that Vista's investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Following cash splashes from Facebook and Silver Lake, Vista Equity Partners has written a cheque for $1.5bn to acquire a 2.32 percent equity stake in the telco.

JP Morgan said RIL comments that it has received strong interest from other strategic and financial investors and is in good shape to announce a similar-sized investment in the coming months and that it has received interest from strategic and financial investors for its retail business should support the stock price.

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Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

Jio Platforms has now raised $ 8 billion Rs 60,596.37 crore -- amounting to a total of 13.4% stake -- from leading technology investors in less than three weeks.

Vista draws on almost two decades of expertise and best practices investing in and operating enterprise software companies and is committed to partnering with entrepreneurs, founders and executives to grow their companies through capital as well as operational support.

That is comparable with global platforms such as Alphabet, Tencent, and Alibaba that are largely debt-free and have large digital ecosystems.

Vista is a global investment firm focused on growing enterprise software, data, and technology-enabled companies that are catalysts of change.

The discussions were led by Ambani's close aide Manoj Modi and Brian Sheth, co-founder of Vista who is half-Indian and whose father hails from Ambani's home state of Gujarat, the source added. Some of its portfolio firms already have significant presence in India, the world's second largest internet market, said Vista. The deal will make Vista the largest investor in Jio Platforms after Reliance Industries and Facebook.

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