Abu Dhabi fund Mubadala to invest Rs 9,093 crore in Reliance Jio
After Facebook, General Atlantic, and others, Abu Dhabi fund Mubadala to invest Rs 9,093 crore in Reliance Jio
Abu Dhabi sovereign fund Mubadala Investment Company will invest Rs 9,093.6 crore in Jio Platforms. This is in exchange for 1.85 percent. This is the sixth investment in the RIL digital unit in as many weeks. Mubadala has joined the league of five American firms including Facebook and Silver Lake to secure stakes in Reliance JIO.
Mubadala said in a statement that it had agreed to invest $1.2 billion in Reliance Jio Platforms for a 1.85% stake in the firm. The deal valued the Indian telecom operator, which launched in the second half of 2016, at $65 billion.
The chairman of Reliance Industries Mukesh Ambani 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 benefitting from Mubadala’s experience and insights from supporting growth journeys across the world.”
Mubadala is billed as the second-biggest state investor after Abu Dhabi Investment Authority. It has more than 50 businesses and investments in more than 50 countries. Its portfolio companies are in aerospace, agribusiness, ICT, semiconductors, metals, mining. pharmaceutical and medical technology, renewable energy, utilities, and diverse financial holdings.
Jio Infocomm has now sold a combined stake of 18.97 percent in six massive fundraising deals. The series of deals were led by Facebook Inc, which invested Rs 43,574 crore to buy 9.99 percent on April 22. General Atlantic, Silver Lake, Vista Equity Partners, and KKR together spent Rs 78,562 crore on Jio.Reliance.
Also Read: Facebook Buys 9.99 Per Cent Stake In Reliance Jio