TPG, L Catterton pick up 1.32% stake in Jio Platforms for Rs 6441.3 crore
TPG, L Catterton pick up 1.32% stake in Jio Platforms for Rs 6441.3 crore

TPG, L Catterton pick up 1.32% stake in Jio Platforms for Rs 6441.3 Crore

  • Reliance Industries on Saturday said it has sold a further 1.32 per cent stake in its digital arm Jio Platforms for Rs 6441.3 crore to TPG and L Catterton.
  • With this investment, Jio Platforms has now raised an overall Rs 1,04,326.9 crore from marquee global investors, including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 22.
  • Reliance Industries has sold a 0.93 per cent stake in Jio Platforms to global alternative asset firm TPG for Rs 4,546.80 crore, the company said in a statement on Saturday evening.
  • In a separate statement soon after, the company said L Catterton, one of the world”s largest consumer focused private equity firms, will invest Rs 1894.50 crore, translating into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.
  • Founded in 1989, L Catterton is the investment partner for leading consumer-focused brands around the world.
  • “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 statement added.
  • With these investments, Reliance has sold about 22.3 per cent equity in Jio Platforms, ahead of a potential IPO.
  • The deal book was opened with Facebook picking up a 9.99 per cent stake in the firm that houses India”s youngest but largest telecom firm on April 22 for Rs 43,574 crore.
  • Within days of that deal, Silver Lake – the world”s largest tech investor – bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4.
  • On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.
  • On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. This was followed by US private equity giant KKR buying 2.32 per cent for Rs 11,367 crore.
  • Abu Dhabi soverign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5.
  • On that day, private equity fund Silver Lake invested another Rs 4,546.80 crore for additional 0.93 per cent stake in Jio Platforms.
  • Also, Abu Dhabi Investment Authority (ADIA) has taken 1.16 per cent equity stake in Jio Platforms.

About TPG Capital-

TPG Capital, previously known as Texas Pacific Group, is an American investment company. The private equity firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments.

  • Founded – 1992
  • Headquarters– California, US
  • Co-chief executive officer (CEO)– James Coulter & Jon Winkelried

About L Catterton-

L Catterton, based in Greenwich, Connecticut, has over $15 billion of equity capital across six fund strategies dedicated to growing middle market companies and emerging high-growth enterprises. Since 1989, the firm has made more than 200 investments in brands across all segments of the consumer industry.

  • Founded – 1989
  • Headquarters– Greenwich, Connecticut, US
  • Co-chief executive officer (CEO)– J. Michael Chu, and Scott A. Dahnke

About Jio-

Reliance Jio Infocomm Limited,  Jio, is an Indian telecommunications company and subsidiary of Jio Platforms.It operates a national LTE network with coverage across all 22 telecom circles. It does not offer 2G or 3G service, and instead uses only voice over LTE to provide voice service on its 4G network.

  • Formation – 15 February 2007
  • Headquarters – Mumbai, Maharashtra
  • Founder and Chairman- Mukesh Ambani
  • Managing Director- Sandip Das

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