KKR to Invest ₹ 11,367 Crore in Jio Platforms

INVESTMENT TO FURTHER PROPEL JIO’S VISION OF ENABLING A DIGITAL SOCIETY FOR INDIA

JIO PLATFORMS HAS NOW ANNOUNCED INVESTMENTS OF ₹ 78,562 CRORE BY LEADING GLOBAL TECHNOLOGY INVESTORS IN THE LAST MONTH

Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), India’s leading digital services platform, announced today that KKR will invest ₹ 11,367 crore into Jio Platforms. This transaction values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. This is KKR’s largest investment in Asia and will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis. Over the last month, leading technology investors, such as, Facebook, Silver Lake, Vista, General Atlantic and KKR have announced aggregate investments of ₹ 78,562 crore into Jio Platforms.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology
platform focused on providing high-quality and affordable digital services across India, with more
than 388 million subscribers. Jio Platforms has made significant investments across its digital
ecosystem, powered by leading technologies spanning broadband connectivity, smart devices,
cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented
and mixed reality and blockchain. Jio’s vision is to enable a Digital India for 1.3 billion people and
businesses across the country, including small merchants, micro-businesses and farmers so that all
of them can enjoy the fruits of inclusive growth.
Founded in 1976, KKR has a long history of building leading global enterprises and successfully
investing in businesses in the technology sector, including BMC Software, ByteDance and GoJek
through its private equity and technology growth funds. Since inception, the firm has invested over
$30 billion (total enterprise value) in tech companies, and today the firm’s technology portfolio has
more than 20 companies across the Technology, Media and Telecom sectors. In addition, India has
been a key strategic market for KKR with a history of investing in the country since 2006.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted to
welcome KKR, one of the world’s most respected financial investors, as a valued partner in our
onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians.
KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track
record of being a valuable partner to industry-leading franchises and has been committed to India
for many years. We are looking forward to leveraging KKR’s global platform, industry knowledge
and operational expertise to further grow Jio.”

Henry Kravis, Co-Founder and Co-CEO of KKR, said, “Few companies have the potential to
transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially
worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is
unmatched in its ability to deliver technology solutions and services to a country that is experiencing
a digital revolution. We are investing behind Jio Platforms’ impressive momentum, world-class
innovation and strong leadership team, and we view this landmark investment as a strong indicator
of KKR’s commitment to supporting leading technology companies in India and Asia Pacific.”
KKR is making the investment from its Asia private equity and growth technology funds.
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries, and AZB & Partners and Davis
Polk & Wardwell acted as legal counsel. Deloitte Touche Tohmatsu India LLP acted as financial
advisor to KKR. Shardul Amarchand Mangaldas & Co. and Simpson Thacher & Bartlett LLP acted
as legal counsel to KKR.