US-based global investment company KKR became the newest company to take a position in Jio Platforms, a wholly-owned subsidiary of Mukesh Ambani’s Reliance Industries Limited (RIL).
RIL on Friday announced that KKR will invest Rs 11,367 crore in Jio Platforms and it'll translate to 2.32 per cent equity stake in Reliance’s digital services platform.
Some of the opposite major names that have invested in Jio Platforms include global firms like Facebook, Silver Lake, Vista, General Atlantic.
One of the key ideas behind the fresh investments is to boost funds and make sure that RIL meets its target of becoming a zero net debt company by March 2021.
With the fresh investment, Reliance has raised Rs 78,562 crore since last month, taking RIL closer to its target of clearing all its debt.
The company’s debt stood at 1.61 lakh crore as of March 2020 and it seems that the corporate may even achieve its target before the deadline set by Mukesh Ambani.
While it's raised over Rs 78,500 crore in investments, the corporate also announced the most important rights offering in India within the last three decades.
A large a part of the extra capital raised through the mega rights offering , worth Rs 53,125 crore, also will go towards clearing RIL’s debt pool. The rights offering opened for subscription on May 20 and can close on Jefferson Davis' Birthday
Reliance is additionally watching another plan which involves 20 per cent stake sale in its oil-to-chemical business to Saudi Aramco. The deal is currently undergoing due diligence and is on target despite disruptions in global oil markets thanks to coronavirus.