KKR to invest $1.5 billion in Reliance Industries' digital unit

Reliance Jio Raises INR 11K Cr Funding From KKR

Reliance Jio Raises INR 11K Cr Funding From KKR

Ambani said Reliance and Jio Platforms were looking forward to leveraging "KKR's global platform, industry knowledge, and operational expertise to further grow Jio" and its wide range of products. Over the last month, the company has raised INR 78,562 Cr from technology investors like Facebook, Silver Lake, Vista, and General Atlantic, along with KKR.

"In addition, India has been a key strategic market for KKR with a history of investing in the country since 2006", said the release.

Prior to this, the company had sold a 9.99% stake to Facebook for Rs. 43,574 crore, 1.15% to Silver Lake for Rs. 5,655.75 crore, a 2.32% to Vista Equity for Rs. 11,367 crore, and 1.34% to General Atlantic for Rs. 6,598.38 crore. This also means that Reliance Jio has raised a combined Rs 78,562 crore from leading investors and tech companies.

"Reliance Industries is positioning itself as a global technology company with worldwide technology and private equity players lining up for a Jio Platforms stake", said Sudeep Anand, head of institutional research at IDBI Capital Market Services Ltd.

In 2019, KKR bought a majority stake in education franchise EuroKids Group from Gaja Capital.KKR, headquartered in NY, was founded in 1976 by Jerome Kohlberg Jr, Henry Kravis and George Roberts. The Indian conglomerate has spent about Rs 4 lakh crore to build Reliance Jio.

As part of its plans to be debt-free, RIL is also raising ₹53,215 crore via a rights issue, a process that's now underway.

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KKR, founded in 1976 by Kravis, Kohlberg and Roberts, is one of the largest private equity companies in the world. In the past decade, almost half a billion Indians came online for the first time, thanks in large part to Reliance Jio, which has amassed over 388 million subscribers.

KKR has invested more than $30bn in tech companies, including China's ByteDance and Indonesian digital payments firm GoJek.

All the five transactions are subject to regulatory approvals, with the one with Facebook likely to undergo a tighter scrutiny given concerns over net neutrality. "Jio Platforms is a true homegrown next-generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution", said Henry Kravis, Co-Founder and Co-CEO of KKR.

Since inception, the firm has invested over Dollars 30 billion (total enterprise value) in tech companies, and its technology portfolio now has more than 20 companies across the technology, media and telecom sectors.

Morgan Stanley acted as financial advisor to Reliance Industries, and AZB & Partners and Davis Polk & Wardwell acted as legal counsel.

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