This means RIL has sold a collective 13.46% stake in Jio Platforms for Rs. 60,596.37 crore in recent weeks.
Vista Equity has over four dozen companies in its portfolio
Headquartered in Texas, Vista Equity has been dominating as a leading software-focused buyout firm with more than four dozen companies in its portfolio and over $57 billion in cumulative capital commitments.
The PE giant says some of its companies already have a significant footprint in India, with a total employee base of over 13,000. Now, it hopes to expand the reach of their products/services.
Here's what Robert F. Smith, Vista's co-founder, said about Jio
"We believe in the potential of the Digital Society that Jio is building for India. Mukesh's vision as a global pioneer, alongside Jio's world-class leadership team, have built a platform to scale and advance the data revolution it started."
Jio Platforms dominates India's digital space
Jio Platforms dominates the digital space in India; its telecom business is the biggest in the country with 388 million subscribers while its digital business includes services like JioMart, smart home solutions, and more.
Following the deal, Ambani said, "We are excited to leverage the professional expertise and multi-level support that Vista has been offering to its investments globally for the benefit of Jio."
Reliance is looking to clear debts
That said, this and the other two investments would help Ambani fulfill his goal of making Reliance Industries debt-free by early 2021.
The company has a total net debt of Rs. 1.61 lakh crore, of which it expects to raise Rs. 1.04 lakh crore by June, Chief Financial Officer Srikanth Venkatachari said in a recent earnings call.