U.S. private equity giant KKR & Co. has become the latest global firm to buy a piece of Jio Platforms, the telecom and digital business of Indian billionaire Mukesh Ambani.
KKR is paying 113.7 billion rupees ($1.5 billion) for a 2.3% stake in Jio, becoming its fifth investor in a month, Ambani’s oil-and-gas giant Reliance Industries said in a statement on Friday. The deal is also KKR’s largest investment in Asia.
So far Ambani, who serves as chairman and managing director of Reliance Industries, raised $10.3 billion in one month from selling roughly 17% in Jio. As of Friday, Ambani has a net worth of about $53 billion, making him the richest person in Asia.
The Jio investments started with a bang exactly one month ago, on April 22, when social networking giant Facebook agreed to acquire close to 10% for $5.7 billion. Since then, three U.S. private equity firms invested in Jio: Silver Lake Partners bought just over 1% for $748 million, Vista Equity Partners paid $1.5 billion for a 2.3% stake and General Atlantic acquired a 1.3% stake for $870 million.