Mukesh Ambani, chairman and managing director of RIL, said he was happy to welcome TPG and L Catterton as valued investors “in our continued efforts towards digitally empowering the lives of Indians through the creation of a digital ecosystem”.
TPG Co-CEO Jim Coulter said Jio was a disruptive industry leader and was bringing unmatched potential and execution capabilities to the market, setting the tone for all technology firms to come.
Michael Chu, global Co-CEO of L Catterton, said, “We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances. We look forward to partnering with Jio.”
The deals are expected to help RIL retire a substantial chunk of its net debt of Rs 1.6 trillion at the end of March. In addition to the investments in Jio Platforms, the company is expected to repay its debt through a combination of cash profit from operations, rights issue proceeds, and divestment of 49 per cent share in fuel retailing business to BP. RIL has advanced its debt reduction target and plans to make the company debt-free by December this year.
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