Manish Singh

Private equity firm Vista Equity Partners said on Friday it would invest $1.5 billion in Reliance Jio Platforms, days after Facebook and Silver Lake also made bets on the Indian telecom giant.

The planned announcement, which would give U.S.-headquartered software-focused buyout firm Vista Equity Partners a 2.32% stake in Reliance Jio Platforms, values it at an equity valuation of $65 billion and enterprise valuation of $68 billion, the Indian firm said.

Reliance Jio Platforms, which began its commercial operation in the second half of 2016, upended the local telecom market by offering bulk of 4G data and voice calls for six months to users at no charge. A subsidiary of Reliance Industries (India’s most valuable firm by market value), Jio Platforms has amassed 388 million subscribers since its launch to become the nation’s top telecom operator.

“We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world’s fastest growing digital economies,” said Robert F. Smith, Founder, Chairman and CEO of Vista, in a statement.

More to follow…



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