India's Reliance Industries said on Monday private equity firm Silver Lake will invest nearly $750 million (Dh2.75 billion) in its digital arm, days after securing a $5.7bn investment from Facebook as the Indian conglomerate looks to pare debt. The deal adds to a flurry of fund raising activity announced by the oil-to-telecoms group in recent weeks including a $7bn share sale, as it aims to eliminate $21.4bn net debt by the end of this year. Reliance on Thursday reported a 39 per cent fall in 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. Not further detail were provided. The deal with Silver Lake values Jio Platforms – the digital services entity that houses Reliance's telecoms arm Jio Infocomm and other businesses, at about $65bn, Reliance said in a regulatory filing. It represents a 12.5 per cent premium to the equity valuation of the Facebook investment. Facebook said in April it will buy a 9.99 per cent stake in Jio Platforms, looking to capitalise on WhatsApp’s extensive reach in the country and roll out services for India’s grocers and small businesses. Shares in the Mumbai-based conglomerate, led by billionaire Mukesh Ambani, Asia's richest man, were trading down 1 per cent in a broader Mumbai market that was down 4.2 per cent as of 8.04am UAE time.