Reliance Industries has attracted a $750 million investment from US-based private equity firm Silver Lake. Silver Lake is a marquee tech investor and has investments in Twitter, Alibaba, Airbnb, among others.

Nitin Soni of Fitch Ratings said that the digital transformation has accelerated rapidly in India. He added that Jio's deal with Facebook and Silver Lake will strengthen Reliance Industries’ balancesheet.

“Reliance which has clearly given a target to bring its balancesheet in a stronger position, to have a net cash position in the next 12 months, these deals along with the rights issue, along with the $750 million coming from Silver Lake and $5.7 billion from Facebook will strengthen its balancesheet and will give further impetus to go on a further capex cycle in the next couple of years in the next set of investment stage,” he said.

Soni added that Fitch would improve the rating on Reliance Industries if its net adjusted debt to EBITDA ratio comes below 1.5x.

Also read: Silver Lake to invest Rs 5,655.75 crore in Reliance Jio Platforms

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