May 22 (Reuters) - Reliance Industries has raised
$10 billion in just a month through five stake sales in digital
unit Jio Platforms, whose valuation has surged to $65 billion.
That makes it India's second-most valuable standalone tech
business after Tata Consultancy Services which is worth
- Reliance Industries, controlled by Asia's richest man
Mukesh Ambani, was worth about $129 billion as of Thursday's
close. Jio Platforms' valuation puts it just ahead of the
combined value of the conglomerate's oil, gas and other
- The latest $1.5 billion investment by KKR & Co
comes on the heels of four other deals. Facebook Inc led
with a $5.7 billion purchase of a 9.99% stake. Vista Equity
Partners has invested about $1.5 billion, General Atlantic
roughly $850 million and Silverlake $750 million.
- After the latest sale, Reliance retains 83% of Jio
- The deals will help Reliance meet its goal of eliminating
$21.4 billion in net debt by the end of the year.
- Reliance's shares have tripled in value in the last three
years coinciding with staggering subscriber growth at Jio
Infocomm, which is now part of Jio Platforms.
The telecom carrier has notched up more than 376 million
subscribers since its launch in late 2016, mainly at the expense
of Vodafone Idea. Vodafone Idea lost a fifth of its
wireless customers last year and had some 329 million
subscribers as of January.
- Reliance's oil and gas, refining and petrochemical
businesses once underpinned the conglomerate's growth, but they
have taken a sharp hit as oil prices collapsed. Weakness in
those businesses led Reliance to post its worst quarterly profit
fall in 11 years last month.
- In addition to operating the world's biggest refining
complex, Reliance also operates supermarkets and TV channels.
($1 = 75.7150 Indian rupees)
(Reporting by Sayantani Ghosh in Singapore and Sankalp
Phartiyal in New Delhi; Editing by Edwina Gibbs)