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Silver Lake to Invest $753 Million in Reliance Jio

(Bloomberg) -- Reliance Industries Ltd. said Silver Lake Partners will invest 56.6 billion rupees ($753 million) in its digital unit, days after Facebook Inc. agreed to invest in the division.The investment is priced at a 12.5% premium to the Facebook investment announced on April 22, Reliance said in a statement Monday. It values Jio Platforms at an equity value of 4.9 trillion rupees.The deal is the latest effort by Reliance Chairman Mukesh Ambani to convince investors that he aims to honor his August promise to cut the group’s net debt to zero by early 2021. An important step of the plan -- an estimated $15 billion stake sale in Reliance Industries’ refining and chemicals unit to Saudi Arabian Oil Co. -- is yet to be realized following a crash in crude oil prices.Morgan Stanley was financial adviser to Reliance.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. Read More...

(Bloomberg) — Reliance Industries Ltd. said Silver Lake Partners will invest 56.6 billion rupees ($753 million) in its digital unit, days after Facebook Inc. agreed to invest in the division.

The investment is priced at a 12.5% premium to the Facebook investment announced on April 22, Reliance said in a statement Monday. It values Jio Platforms at an equity value of 4.9 trillion rupees.

The deal is the latest effort by Reliance Chairman Mukesh Ambani to convince investors that he aims to honor his August promise to cut the group’s net debt to zero by early 2021. An important step of the plan — an estimated $15 billion stake sale in Reliance Industries’ refining and chemicals unit to Saudi Arabian Oil Co. — is yet to be realized following a crash in crude oil prices.

Morgan Stanley was financial adviser to Reliance.

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©2020 Bloomberg L.P.

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