This investment had valued RRVL at a pre-money equity value of Rs 4.21 lakh crore. This is the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year.

With more than USD 60 billion in combined assets under management and committed capital and a focus on the world's great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing. Its other investments have included Airbnb, Alibaba, Alphabet's Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.

Late last month, Reliance acquired the retail and logistics businesses of Future Group for Rs 24,713 crore to boost its retail vertical. Silver Lake was the first US private equity firm to invest in Jio after tech giant Facebook took a 9.99 per cent stake in the company for Rs 43,573.62 crore. Silver Lake bought 2.08 per cent in Jio in two tranches for a total of Rs 10,202.55 crore.

Rival private equity groups KKR, Vista and General Atlantic followed Silver Lake to take stakes in Jio. Other notable investors included Google and Abu Dhabi's sovereign wealth fund Mubadala.