India’s Reliance Jio Platforms to sell $600 million stake to TPG

American private equity firm TPG will invest $600 million in Jio Platforms, joining a roster of high-profile investors including Facebook and Silver Lake that have backed India’s top telecom operator at the height of a global pandemic.

TPG said it is acquiring a 0.93% stake in Jio Platforms, giving the Indian firm a valuation of $65 billion. TPG, which manages $79 billion of assets and has backed several tech firms including Uber, Spotify and Airbnb, is the eighth investor who has agreed to back Mukesh Ambani’s telecom network in just as many weeks.

Reliance Jio Platforms, which has amassed over 388 million subscribers, has secured $13.49 billion by selling nearly 22% stake in the company.

More to follow…