Silver Lake and co-investors to invest additional ₹ 4,546.80 Crore in Jio Platforms

MR. MUKESH AMBANI: “AGGREGATE SILVER LAKE INVESTMENT OF ₹ 10,202.55 CRORE IS
A STRONG ENDORSEMENT OF JIO’S MISSION TO ENABLE A DIGITAL INDIA”
DEFYING COVID-19 CRISIS, JIO PLATFORMS HAS RAISED ₹ 92,202.15 CRORE FROM LEADING TECH INVESTORS IN LESS THAN SIX WEEKS.

Reliance Industries Limited (“Reliance Industries”) and Jio Platforms
Limited (“Jio Platforms”) announced today that Silver Lake (“Silver Lake”) and its co-investors will
invest an additional ₹ 4,546.80 crore in Jio Platforms, in addition to the ₹ 5,655.75 crore of
investment by Silver Lake announced on May 4, 2020. This brings the aggregate investment by
Silver Lake and its co-investors to ₹ 10,202.55 crore. Silver Lake’s investment values Jio Platforms
at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore, and will translate
into a 2.08% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms
has raised ₹ 92,202.15 crore from leading technology investors in less than six weeks.
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.
With approximately $40 billion in combined assets under management and committed capital and a
singular focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global
leader in large-scale technology investing. Its mission is to build and grow great companies by
partnering with world-class management teams. Its investments have included Airbnb, Alibaba,
Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global
technology leaders.
Commenting on the aggregate investment brought by Silver Lake, Mr. Mukesh Ambani, Chairman
and Managing Director, Reliance Industries Ltd, said, “Silver Lake and its co-investors are valued
partners as we continue to grow and transform the Indian digital ecosystem for the benefit of all
Indians. We are pleased to have their confidence and support, as well as the benefit of their
leadership in global technology investing and their valued network of relationships, as we drive the Indian Digital Society’s transformation. I would like to emphasise that Silver Lake’s additional
investment in Jio Platforms, within a span of five weeks during the COVID-19 pandemic, is a strong
endorsement of the intrinsic resilience of the Indian economy, which will surely grow bigger with
comprehensive digital enablement.”

Commenting on the investment, Mr. Egon Durban, Silver Lake Co-CEO and Managing Partner, said,
“We are excited to increase our exposure and bring more of our co-investors into this opportunity,
further supporting Jio Platforms in its mission to bring the power of high-quality and affordable digital
services to a mass consumer and small businesses population. The investment momentum behind
Jio validates a compelling business model and underscores our admiration for Mukesh Ambani, his
team and their courageous vision in creating and building one of the world’s most remarkable
technology companies.”
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 counsels. Latham & Watkins LLP, Shardul Amarchand Mangaldas
& Co and Simpson Thacher & Bartlett LLP acted as legal counsels to Silver Lake.

Jothi.S