- Private equity firm Silver Lake has bought 1.15% stake in
Mukesh Ambani 'sReliance Jio for $750 million. - At this valuation, the deal is worth 52% of parent company Reliance Industries’ total market capitalization.
- It’s also 23% more than what Facebook paid for its stake in Reliance Jio less than two weeks ago.
At this equity value, this is 52% of Reliance Industries’ (RIL) total market cap. Now, it seems like everyone wants a piece of the pie of the three-year-old telecom enterprise that is now one of the two leading operators in India with a total of $4.
The deal is the second stake sale in Jio in the last month aimed at reducing the debt of Reliance Industries (RIL), which stood at over $44 billion at the end of March 2020.
However, the share price of Jio’s parent RIL remained under pressure as the company’s mainstay energy business (over three-fourths of the revenue) was squeezed by the $4.
Reliance Jio is now worth 1.75 times that of its closest competitor Airtel, whose market cap stood at ₹2.8 lakh crore.
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