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BW Businessworld

Reliance Says Silver Lake To Invest Nearly $750 Million In Its Digital Arm

The deal comes days after Facebook said it would spend $5.7 billion to buy a 9.99% stake in Jio Platforms

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Reliance Industries Ltd (RELI.NS) said on Monday private equity firm Silver Lake will invest 56.56 billion rupees ($746.74 million) in its digital arm, giving it a valuation of 4.90 trillion rupees.

The deal comes days after Facebook (FB.O) said it would spend $5.7 billion to buy a 9.99% stake in Jio Platforms - the digital services entity that houses Reliance’s telecoms arm Jio Infocomm, as well as its news, movie and music apps, along with other businesses.

(Reuters)