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Silver Lake Follows Facebook’s Bet on Ambani’s Reliance Jio

  • Private-equity firm to invest $753 million in Jio Platforms
  • Tycoon is raising funds after pledge to cut net debt to zero
Foreigners Lukewarm on India’s Plan to Open Up Bond Access
Photographer: Dhiraj Singh/Bloomberg
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Reliance Industries Ltd. said Silver Lake Partners will invest about $753 million in its digital unit, days after Facebook Inc. agreed to invest in the business, boosting the efforts of Asia’s richest man to cut debt at his conglomerate.

The investment by the California-based private-equity firm is priced at a 12.5% premium to Facebook’s $5.7 billion deal for a 10% stake announced on April 22, Reliance said in a statement Monday. The transaction would give Jio Platforms an equity value of 4.9 trillion rupees ($65 billion), the Indian company said.