U.S. investment group General Atlantic is to spend $870 million buying a stake in expanding Indian media powerhouse Jio Platforms. The two companies announced their deal within a month of Facebook …
U.S. investment group General Atlantic is to spend $870 million buying a stake in expanding Indian media powerhouse Jio Platforms.emerging as a strategic investor in the firm with a 9.9% stake that cost it $5.7 billion. That move was followed by stake purchases announced by two financial investors, Silver Lake which paid $750 million and Vista which paid $1.71 billion for a 2.3% stake. In total Jio Platforms has raised $10..1 billion.
In its early iteration, Jio offered low cost, nationwide cellular broadband services that quickly shook up the phones, internet and pay-TV markets. In three and a half years from launch, it now claims 388 million subscribers.
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