Home Technology KKR invests $1.5 billion in India’s Reliance Jio Platforms

KKR invests $1.5 billion in India’s Reliance Jio Platforms

Traffic travels past a billboard for Reliance Jio Infocomm Ltd. in the Bandra area of Mumbai, India, on Saturday, Jan. 27, 2018. India's economy is expected to grow at 6.75 percent this year on the back of a recovery in second half of the year, Chief Economic Adviser Arvind Subramanian said in the Economic Survey presented in Parliament on Nov. 29. Photographer: Dhiraj Singh/Bloomberg via Getty Images

Mukesh Ambani’s Reliance Jio Platforms has agreed to sell 2.32% stake to U.S. equity firm KKR in what is the fifth major investment in the top Indian telecom firm in just as many weeks.

On Friday, KKR announced it will invest $1.5 billion in the Indian top telecom operator, a subsidiary of India’s most valued firm (Reliance

Industries), joining fellow American investors Facebook, Silver Lake, Vista Equity Partners, and General Atlantic that have made similar bets on the Indian firm.

The new investment values nearly four-year-old Reliance Jio Platforms at $65 billion. The announcement today further shows the growing appeal of Jio Platforms, which has raised $10.35 billion in the past month by selling about 17% of its stake to foreign investors that are looking for a slice of the world’s second-largest internet market.

More to follow…