India’s Reliance says General Atlantic to invest $870 million in digital unit

FILE PHOTO – The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave

NEW DELHI (Reuters) – Indian conglomerate Reliance Industries (RELI.NS) said on Sunday equity firm General Atlantic will buy 1.34% of its digital unit for 65.98 billion rupees ($870.25 million).

With this investment, Jio Platforms, which houses Reliance’s digital businesses including telecoms unit Jio Infocomm, has raised a total of 671.94 billion rupees from investors including Facebook Inc (FB.O), Silverlake and Vista Equity Partners in four weeks.

($1 = 75.8170 Indian rupees)

Reporting by Abhirup Roy and Sankalp Phartiyal; editing by Emelia Sithole-Matarise

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