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Ambani’s Jio Sells $873 Million Stake to General Atlantic

  • Jio wins vote of confidence by early investor in Uber, Airbnb
  • Fresh backing adds momentum to Ambani’s drive to cut debt
A sim card packet for Reliance Jio.

A sim card packet for Reliance Jio.

Photographer: Dhiraj Singh/Bloomberg
Updated on

Billionaire Mukesh Ambani extended his fund-raising streak for Jio Platforms Ltd. by selling an $873 million stake to General Atlantic, an early investor in Airbnb Inc. and Uber Technologies Inc.

The U.S.-based private equity fund’s agreement to take a 1.3% stake sets an enterprise value of 5.16 trillion rupees ($68 billion) for the digital services business of Ambani’s Reliance Industries Ltd., the Mumbai-based company said Sunday. The talks with General Atlantic were first reported by Bloomberg News.