Mumbai, May 22, 2020: Reliance Industries Limited (“Reliance Industries”) and Jio Platforms
Limited (“Jio Platforms”), India’s leading digital services platform, announced today that KKR will
invest ₹ 11,367 crore into Jio Platforms. This transaction values Jio Platforms at an equity value of
₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. This is KKR’s largest investment in
Asia and will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis. Over the
last month, leading technology investors, such as, Facebook, Silver Lake, Vista, General Atlantic
and KKR have announced aggregate investments of ₹ 78,562 crore into Jio Platforms.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology
platform focused on providing high-quality and affordable digital services across India, with more
than 388 million subscribers. Jio Platforms has made significant investments across its digital
ecosystem, powered by leading technologies spanning broadband connectivity, smart devices,
cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented
and mixed reality and blockchain. Jio’s vision is to enable a Digital India for 1.3 billion people and
businesses across the country, including small merchants, micro-businesses and farmers so that all
of them can enjoy the fruits of inclusive growth.

Founded in 1976, KKR has a long history of building leading global enterprises and successfully
investing in businesses in the technology sector, including BMC Software, ByteDance and GoJek
through its private equity and technology growth funds. Since inception, the firm has invested over
$30 billion (total enterprise value) in tech companies, and today the firm’s technology portfolio has
more than 20 companies across the Technology, Media and Telecom sectors. In addition, India has
been a key strategic market for KKR with a history of investing in the country since 2006.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted to
welcome KKR, one of the world’s most respected financial investors, as a valued partner in our
onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians.
KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track
record of being a valuable partner to industry-leading franchises and has been committed to India
for many years. We are looking forward to leveraging KKR’s global platform, industry knowledge
and operational expertise to further grow Jio.”

Henry Kravis, Co-Founder and Co-CEO of KKR, said, “Few companies have the potential to
transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially
worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is
unmatched in its ability to deliver technology solutions and services to a country that is experiencing
a digital revolution. 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.”
KKR is making the investment from its Asia private equity and growth technology funds.
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries, and AZB & Partners and Davis
Polk & Wardwell acted as legal counsel. Deloitte Touche Tohmatsu India LLP acted as financial
advisor to KKR. Shardul Amarchand Mangaldas & Co. and Simpson Thacher & Bartlett LLP acted
as legal counsel to KKR.

About Reliance Industries Limited (RIL)

RIL is India’s largest private sector company, with a consolidated turnover of INR 659,205 crore ($87.1
billion), cash profit of INR 71,446 crore ($9.4 billion), and net profit of INR 39,880 crore ($5.3 billion) for
the year ended March 31, 2020.
RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing,
petrochemicals, retail and digital services. RIL is the top-most ranked company from India to feature in
Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 106th in terms of both
revenues and profits. The company stands 71st in the ‘Forbes Global 2000’ rankings for 2019 – topmost among Indian companies. It ranks 10th among LinkedIn’s ‘The Best Companies to Work For In India’ (2019).

About Jio Platforms Limited
Jio Platforms Limited (“Jio”), a wholly-owned subsidiary of Reliance Industries Limited, has built a worldclass all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned
subsidiary, Reliance Jio Infocomm Limited). It is the only network conceived and born as a Mobile Video
Network from the ground up and supporting Voice over LTE technology. It is future ready and can be
easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond.
Jio will bring transformational changes in the Indian digital services space to enable the vision of Digital
India for 1.3 billion Indians and propel India into global leadership in the digital economy. It has created
an eco-system comprising of network, devices, applications and content, platforms, service experience
and affordable tariffs for everyone to live the Jio Digital Life. As part of its customer offers, Jio has
revolutionised the Indian telecom landscape by making voice calls for Jio customers absolutely free,
across India, to any network, and always. Jio makes India the highest quality, most affordable data
market in the world so that every Indian can do Datagiri.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private
equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds.
KKR aims to generate attractive investment returns for its fund investors by following a patient and
disciplined investment approach, employing world-class people, and driving growth and value creation
with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund
investors and provides financing solutions and investment opportunities through its capital markets
business. References to KKR’s investments may include the activities of its sponsored funds.

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