Reliance Industries on Monday announced that United States-based private equity firm Silver Lake will invest Rs 5,656 crore, or $746.74 million, in its digital arm Jio Platforms, PTI reported. The deal came days after Facebook said it would spend Rs 43,574 crore to buy a 9.99% stake in Jio.

“This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore, and represents a 12.5% premium to the equity valuation of the Facebook investment announced on April 22, 2020,” Reliance Industries said in a statement.

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Reliance Industries Chairperson Mukesh Ambani said he is delighted to welcome Silver Lake as a partner to transform the Indian digital ecosystem, NDTV reported. “Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally,” he said. “We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.”

Egon Durban, Silver Lake co-chief executive officer and managing partner, said Jio Platforms is one of the world’s most remarkable companies. “It is led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision,” he added. “The market potential they are addressing is enormous, and we are honored and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission.”

The stocks of Reliance Industries Limited traded 0.98% down to Rs 1,451.70 on the National Stock Exchange on Monday at 10.40 am.

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Last week, Reliance Industries had reported a 39% fall in its March quarter profit, hit by a sharp fall in oil prices and lower fuel demand, and said at the time that it had received investor interest for a Facebook-like deal.

Silver Lake’s other investments include Airbnb, Alibaba, Ant Financial, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and other global technology leaders.