"Reliance Industries is positioning itself as a global technology company with worldwide technology and private equity players lining up for a Jio Platforms stake", said Sudeep Anand, head of institutional research at IDBI Capital Market Services Ltd.
Post today's deal RIL stock gained as much as 1.17 percent in the morning session and then traded 0.63 percent lower to Rs 1,432 per share on the NSE.
"We are investing behind Jio Platforms' impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR's commitment to supporting leading technology companies in India and Asia Pacific", said Henry Kravis, Co-Founder and Co-CEO of KKR.
Started in 2016, Reliance Jio is now India's largest wireless carrier.
"This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore".
Ambani, the chairman and managing director of oil-to-telecoms giant Reliance Industries that has poured over $30 billion to build Jio Platforms, said the company was looking forward to leverage "KKR's global platform, industry knowledge and operational expertise to further grow Jio".
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Till date the firm has invested over $30 billion (total enterprise value) in tech companies, and now the firm's technology portfolio has more than 20 companies across the Technology, Media and Telecom sectors. KKR shares our ambitious goal of building a premier Digital Society in India.
KKR is known for backing some of the leading global technology firms such as BMC Software, ByteDance and GoJek. The private equity fund will pay 113.7 billion rupees for a 2.3% stake in Jio. Currently, Reliance Industries Limited (RIL) is the largest stakeholder in Jio Platforms, followed by Facebook.
Jio Platforms dominates India's digital space; within just three-and-a-half years of launch, its telecom business - Jio Infocomm - became the biggest in the country with a whopping 388 million subscribers. Shardul Amarchand Mangaldas & Co. and Simpson Thacher & Bartlett LLP acted as legal counsel to KKR.
Turkey warns against attacks on its presence in Libya
The focus of the conflict has shifted towards Tarhouna, the biggest remaining LNA stronghold in northwest Libya. The LNA, however, said it had already withdrawn from those areas in a humanitarian gesture for Ramadan.