L Catterton to invest Rs 1,894 crore in Jio Platforms; key things to note

Reliance Industries Limited (RIL) on Saturday announced an investment of Rs 1894.50 crore by L Catterton, one of the world's largest consumer focused private equity firms. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. L Catterton's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs  104,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

Earlier, RIL said that global alternative asset firm TPG will invest Rs 4,546.80 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries,said, "I am delighted to welcome L Catterton as a partner in our journey to unleash the power of digital for India while providing a consumer experience that is among the best in the world.I particularly look forward to gaining from LCatterton's invaluable experience in creating consumer-centric businesses because technology and consumer experience need to work together to propel India to achieving digital leadership."

Michael Chu, Global Co-CEO of L Catterton, said, "Over our more than 30 year history, we have established a track record of building many of the most important brands across all consumer categories and geographies, from retailers, omni-channel and digitally native brands. We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances. We look forward to partnering with Jio,which is uniquely positioned to execute on its vision and mission to transform the country and build a digital society for 1.3 billionIndians through its unmatched digital and technological capabilities.

Also read: COVID-19 disruptions take currency, deposits share in household assets to highest 66% in March

Also read: Coronavirus in Delhi: Of 5,947 samples, 2,137 test positive in 24 hours; tally rises to 36,824