Since April 2020, Reliance Industries has raised ₹152,056 crore (US$19 billion) by selling 32.97% equity stake in the company.[4] In August 2021, it was ranked 155th on the 2021 Fortune Global 500 list of world's biggest corporations.[5]
In September 2019, Jio launched a
fiber to the home service, offering home broadband, television, and telephone services. As of September 2020[update],
Reliance Industries has raised ₹1.65 lakh crore (equivalent to ₹1.9 trillion or US$24 billion in 2023) by selling nearly 33% equity stake in Jio Platforms.[9][10]
Later continuing as RIL’s telecom subsidiary, Infotel Broadband Services Limited was renamed as Reliance Jio Infocomm Limited (RJIL) in January 2013.[11]
In 2014, Reliance Jio Infocomm, the 4G LTE venture of Reliance Industries (RIL), has picked up stake in Israeli telecom network vendor
Airspan Networks. Reliance Jio will also source 4G LTE towers from Airspan to deploy 4G services.[12]
In October 2019,
Reliance Industries (RI) announced the creation of a wholly owned subsidiary for its digital businesses including
Jio. In November 2019, the subsidiary was named Jio Platforms. The ₹1.08 trillion (US$14 billion) liability of Jio was transferred to RIL and in turn RIL received preferential shares of Jio Platforms.[13][14] According to some observers, the restructuring was done to keep the digital businesses of the group within a debt-free entity.[15]
In April 2020,
Facebook acquired a 9.99% stake in Jio Platforms for ₹435.74 billion (US$5.5 billion).[16] According to this deal, while Jio Platforms retained ₹149.76 billion (US$1.9 billion), the parent company got the remaining ₹285.98 billion (US$3.6 billion) for redeeming the optionally convertible preference shares it held in the subsidiary.[15]
In May 2020, private equity firm
Silver Lake Investors obtained a 1.15% stake with a ₹56.5 billion (US$710 million) investment in the company.[17] But unlike the previous transaction, the entire investment in this case was retained by Jio Platforms.[15]General Atlantic then announced that it would invest ₹65.988 billion (US$830 million) in Jio Platforms for a 1.34% stake in the company.[18] American private equity firm
KKR acquired a 2.32% stake in Jio Platforms for ₹113.67 billion (US$1.4 billion).[19]
In June 2020, Emirati sovereign fund
Mubadala confirmed that it would acquire a 1.85% stake in the company for ₹90.936 billion (US$1.1 billion).[20] Silver Lake increased its stake to 2.08% with an additional ₹45.47 billion (US$570 million) investment.[21]Abu Dhabi Investment Authority then bought a 1.16% stake in the company for ₹56.84 billion (US$710 million).[22] On 13 June,
TPG took stake in Jio Platforms of 0.93% worth ₹45.468 billion (US$570 million).[23]L Catterton also made an investment of ₹18.945 billion (US$240 million) for a 0.39% stake.[24]
In June 2020,
Saudi Arabia's
Public Investment Fund confirmed that it would acquire a 2.32% stake in the company for ₹113.67 billion (US$1.4 billion).[25] In July 2020,
Intel confirmed that it would acquire a 0.39% stake in the company for ₹1.89 billion (US$24 million).[26] In July 2020,
Qualcomm confirmed that it would acquire a 0.15% stake in the company for ₹7.30 billion (US$91 million).[27] This was followed by
Google purchase of 7.7% stake in the company for ₹337.37 billion (US$4.2 billion).[28]
In June 2021, Jio Platforms unveiled their Android smartphone named JioPhone Next, with plans to launch in India by September 2021.[29]
In February 2022, Jio Platforms formed a joint venture with satellite operator
SES. The newly formed Jio Space Technology Limited will deliver broadband services in India of up to 100 Gbit/s capacity using SES's SES-12
high-throughputgeostationary satellite and the forthcoming
O3b mPOWERmedium Earth orbitsatellite constellation, to extend JPL's terrestrial network, enhancing access to digital services in unconnected areas within India and the region. JPL and SES will own 51% and 49% equity stake respectively in the new company.[30]
In December 2023, Jio Studios decided to back out of producing upcoming
Akshay Kumar movies Hera Pheri 3 and Welcome to the Jungle.[31]
In 2020, the
enterprise value of Jio Platforms was estimated to be ₹5 trillion (US$63 billion).[68] The company was also reported to be more valuable than all other businesses of RIL put together.[69] Its
market capitalization put it fourth on the list of largest Indian companies, behind RIL (combined entity),
Tata Consultancy Services and
HDFC Bank.[70]
In January 2024,
Bank of America increased their valuation to US$107 billion.[71]