Reliance Industries Sheds Over 1% On General Atlantic-Jio Platforms Deal

Reliance Industries share price: The deal, announced on Sunday, marks Jio Platforms' fourth major deal with a US-based technology investor in a month.

Reliance Industries Sheds Over 1% On General Atlantic-Jio Platforms Deal

Reliance Industries share: Reliance Jio has raised a total of Rs 67,194.75 crore in less than four weeks.

Reliance Industries shares shed more than 1 per cent on the NSE after the US-based private equity firm General Atlantic decided to invest Rs 6,598.38 crore for a 1.34 per cent stake in Jio Platforms. The deal, announced on Sunday evening, marks Jio Platforms' fourth major deal with a US-based technology investor within a month, following investments from internet major Facebook and private equity companies Silver Lake and Vista Equity Partners.

The shares of Reliance Industries ended at Rs 1,443, lower by Rs 17 or 1.1 per cent, on the NSE. The shares had opened at Rs 1,470 and touched an intra-day high of Rs 1,482 and a low of Rs 1,428.

The U.S.-based private equity fund's agreement to take a 1.3 per cent stake sets an enterprise value of Rs 5.16 trillion for the digital services business of Ambani's Reliance Industries Ltd, Reliance Industries said.

With this latest deal, Reliance Jio has managed to raise Rs 67,194.75 crore in less than four weeks. The four deals will help Reliance Industries group pare its debt and become a net debt-free company by 2021, in line with the dream of Mukesh Ambani.

General Atlantic is an US investment firm, which in the past has been an early investor in the likes of Airbnb Inc. and Uber Technologies Inc.