Part of Reliance Industries, Jio Platforms has raised more than $23 billion in 58 days from investments and a stake sale to BP. The company said the deals, which also included India’s largest ever rights issue, were “unprecedented in Indian corporate history and have set new benchmarks”.
When the debt reduction strategy was announced at the 2019 AGM, the firm said both Jio and Reliance Retail would be listed within five years.
Chairman Shri Mukesh Ambani said: “We have a very clear roadmap to becoming a zero net debt company within the next 18 months that is by 31 March 2021.
Since fundraising started in March, Reliance Industries (NSE: RELIANCE) has seen share prices climb steadily to double over the 58-days, reaching an all-time high on 19 June.
“We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will induct leading global partners in these businesses in the next few quarters, and move towards listing of both these companies within the next five years. With these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world.”
The deals concluded with confirmation last week that Saudi Arabia’s Public Investment Fund (PIF) had become the 10th investor to back Reliance Industries’ Jio Platforms, taking a 2.32% equity stake for US$1.5 billion. That announcement marked “the end of Jio Platforms’ current phase of induction of financial partners”.
Investor | Stake | US dollar value of investment at time of confirmation |
9.99% | $5.7 billion | |
1.5% | $746.8 million | |
2.32% | $1.5 billion | |
General Atlantic | 1.34% | $870 million |
| KKR (Asia division) | 2.32% | $1.5 billion |
1.16% | $750 million | |
Mubadala | 1.85% | $1.2 billion |
0.93% | $600 million | |
L Catterton | 0.39% | $250 million |
2.32% | $1.5 billion |
