May 4, 2020 / 3:08 AM / 24 days ago

India's Reliance says Silver Lake to invest nearly $750 mln in its digital arm

BENGALURU, May 4 (Reuters) - Reliance Industries Ltd said on Monday private equity firm Silver Lake will invest 56.56 billion rupees ($746.74 million) in its digital arm, giving it a valuation of 4.90 trillion rupees.

The deal comes days after Facebook said it would spend $5.7 billion to buy a 9.99% stake in Jio Platforms - the digital services entity that houses Reliance’s telecoms arm Jio Infocomm, as well as its news, movie and music apps, along with other businesses. ($1 = 75.7430 Indian rupees) (Reporting by Chris Thomas in Bengaluru;Editing by Aditya Soni)

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