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Private Equity firm Silver Lake is investing Rs. 5,656 crores ($746.74 million) in Jio Platforms, the digital arm of Reliance Industries.
AZB & Partners acted for Jio Platforms with a team led by Partners Ashwath Rau and Nilanjana Singh along with Amitabh Robin Singh, Kanika Mishra and Vyjayanthi Raghu.
Partner Bharat Budholia and Senior Associate Gaurav Bansal advised on competition law aspects of the deal.
Shardul Amarchand Mangaldas & Co acted for Silver Lake. The team was led by Partner Raghubir Menon.
Partners Shweta Shroff Chopra and Manika Brar advised on competition law issues.
The deal comes a few days after US social media major Facebook invested Rs. 43,574 crore (USD 5.7 billion) in Jio Platforms for a 9.99% stake. The same law firms had acted on this deal as well, with AZB representing Jio Platforms and Shardul Amarchand Mangaldas advising Facebook.
Speaking to Bar & Bench on closing two major deals for Jio Platforms during the COVID-19 lockdown period, AZB Partner Ashwath Rau said,
"It’s great to be doing complex deals with significant inflows into the country during these very challenging times."