Hong Kong: India’s biggest tech and telecom firm Reliance Jio got a big cash injection from Silver Lake, the US private equity firm with a winning track record of placing big bets on promising tech giants.
Silver Lake is pumping 56. 6 billion rupees into Jio Platforms, the digital technology of Indian billionaire Mukesh Ambani’s Reliance Industries.
Jio Platforms has several services under its umbrella, including Reliance Jio. Silver Lake, which has over $40 billion in assets under management, is best known for its investments in big tech companies including Alibaba (BABA), Tesla (TSLA), Dell (DELL) and Alphabet’s (GOOGL) self-driving car unit Waymo.
Silver Lake co-CEO and managing partner Egon Durban said that Jio Platforms has brought the power of low-cost digital services to a mass consumer.