Asia’s richest man Mukesh Ambani is on a roll. Jio Platforms, the telecom and digital unit of the Indian billionaire’s oil and gas giant Reliance Industries, announced on Friday that U.S. tech fund Vista Equity Partners will buy a 2.3% stake in it for $1.5 billion. This is the third investment that Jio has attracted in the past two-and-a-half weeks, raising a total of $8 billion for a cumulative $13.5% stake.
It started with a bang when social networking giant Facebook agreed to acquire close to 10% for $5.7 billion on April 22. And earlier this week, California-based private equity firm Silver Lake Partners announced it would acquire just over 1% in Jio for $748 million. Vista’s investment values Jio Platforms at the same amount as Silver Lake at $65 billion—a 12.5% premium to the Facebook deal.
Reliance chairman and managing director Ambani, who has a net worth of $56 billion, said in a statement that he found in Robert Smith and Brian Sheth, Vista’s billionaire cofounders, “two outstanding global technology leaders who believe in India and the transformative potential of a Digital Indian Society.” (Disclosure: Reliance Industries owns Network18, a licensee of Forbes Media.)