The device is equipped solely with an AI-powered personal assistant tasked with carrying out a multitude of practical tasks
business technology review2 hours ago
India's leading digital services company Jio Platforms, which has drawn billions of dollars of investments in less than six weeks from major global investors, including UAE's Mubadala Investment Company, announced that private equity firm Silver Lake and its co-investors would invest an additional $602 million.
Following this new investment, the US private equity firm and its co-investors will hold a 2.1 per cent stake in Reliance Industries Ltd's digital service unit. The deal follows Silver Lake's initial investment of $750 million in May.
Mubadala, the Abu Dhabi-based sovereign investor, said on Friday it would invest 1.2 billion for a 1.85 per cent equity stake in Jio Platforms Jio Platforms, which has an equity value of $65 billion and an enterprise value of $68 billion.
This is an unprecedented seventh investment in Jio Platforms in just six weeks. With this investment, Jio Platforms has raised about $12 billion in less than six weeks from a lineup of global giants, including Facebook Inc. and US buyout firm KKR & Co., Vista Equity Partners and General Atlantic.
Silver Lake, world's largest tech investor, has a track record of investing in some of the successful tech companies such as Twitter, Airbnb, Alibaba, Dell Technologies, ANT Financials, Twitter, Alphabet's Waymo and Verily, among others.
"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," said Mukesh Ambani, chairman and managing director, Reliance Industries Ltd.
Ambani said 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.
Egon Durban, Silver Lake co-CEO and managing partner, said the equity firm is excited to increase its exposure and bring more of its 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.
- issacjohn@khaleejtimes.com
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