India's Reliance says TPG and L Catterton to invest $847m in digital unit

FILE PHOTO: Commuters use their mobile phones as they wait at a bus stop with an advertisement of Reliance Industries' Jio telecoms unit, in Mumbai, India July 10, 2017. REUTERS/Shailesh Andrade/File Photo

Indian oil-to-telecoms conglomerate Reliance Industries raised a total of 64.4 billion Indian rupees ($847 million) from the sale of two stakes in its digital unit Jio Platforms, the group said on Saturday.

Global investment firm TPG will buy a 0.93% stake for $598 million, while private equity firm L Catterton will pick up a 0.39% stake for $249 million, Reliance said.

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