Business

Abu Dhabi-Based Mubadala Buys 1.85% Stake In Reliance Jio Platforms For Rs 9,093 Crore

The latest investment, Jio Platforms has raised Rs 87,655.35 crore from global technology firm and investors including Facebook, Silver Lake, Vista Equity Partners, among others within a span of less than six weeks.

New Delhi: In yet another shot in the arm for Reliance Industries Ltd, the Abu Dhabi-based Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

According to the IANS report, with the latest investment, Jio Platforms has raised Rs 87,655.35 crore from global technology firm and investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

According to the statement by Mukesh Ambani, Chairman and Managing Director of Reliance Industries he said, “Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefiting from Mubadala’s experience and insights from supporting growth journeys across the world.”

The investment will translate into a 1.85 per cent equity stake in Jio Platforms on a fully diluted basis, said the company.

Reliance Jio has more than 388 million subscriber base and invested heavily across its digital ecosystem, powered by leading technologies. The mobile operator aims to enable a Digital India for 1.3 billion people and businesses across the country empowering small merchants, micro-businesses, and farmers in order to create inclusive growth, the company said in a statement.

“We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey,” said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.

“With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy,” he added.

The Abu Dhabi-based sovereign investor Mubadala has invested in electronic chip manufacturing company Global Foundries and has a stake in several technology companies like AMD.

The parent company of Reliance Jio, Reliance Industries has raised Rs 53,124 crore from a rights issue, which ended on Wednesday and garnered a huge response from shareholders as the issue got subscribed 1.59 times.

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