TPG announced to invest $600 million (~Rs 4,546.80 crore) for 0.93% equity stake in Reliance Jio Platforms on Saturday joining Facebook ($5.7 billion), Silver Lake ($746.8 million), Vista Equity Partners ($1.5 billion), General Atlantic ($870 million), KKR (1.5 billion), Mubadala ($1.2 billion) and ADIA ($750 million) in India’s largest Telecom company and a subsidiary of Reliance Industries.
Update: L Catterton also invests $250 million (Rs. 1,894.50 crore) for 0.39% equity stake in Reliance Jio Platforms as announced on Saturday.
TPG is a leading global alternative asset firm founded in 1992 with more than $79 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate, and public equity.
Over TPG’s more than 25-year history, the firm has built an ecosystem made up of hundreds of portfolio companies and a value-added network of professionals, executives, and advisors around the world. Its investments in global technology companies include Airbnb, Uber, and Spotify, among others.
Reliance Jio is the largest telecom network of the country with over 388 million users.
“This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore,” the company said in a statement that remains the same as with investment after ADIA.
Since April, Reliance Jio has announced to sell 22.38% of stake in the firm to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, and L Catterton for Rs. 104,326.95 crores.
India’s telecom sector has become the new playground for the Global tech giant as Amazon is reported to be investing $2 billion in Bharti Airtel while Google is reported to be investing in Vodafone-Idea.
Bharti Airtel has already received investment from Nokia to enhance its network operations in Inda.
Jio Platforms is the suite of services including music streaming service JioSaavn, smartphones, broadband business, on-demand live television service JioTV, and payments service JioPay.
After the investment from Facebook, the company started its JioMart e-commerce venture service in India with orders can be placed via Whatsapp that has more than 400 million users in India.