“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,” Reliance Industries (RIL) said in a statement on Friday. Jio Platforms is a wholly-owned subsidiary of RIL.
Commenting on the transaction, Ambani, chairman and managing director, RIL, said, “I am delighted to welcome Vista, one of the world’s marquee tech investors globally as a valued partner. Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.”
Robert F Smith, founder, chairman and CEO of Vista, said, “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have built a platform to scale and advance the data revolution it started.”
The transaction is subject to regulatory and other customary approvals, the RIL statement mentioned.
Morgan Stanley acted as financial advisor to RIL and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Kirkland & Ellis LLP and Shardul Amarchand Mangaldas & Co served as legal counsels to Vista.