Abu Dhabi's Mubadala To Invest $1.2 Billion In Reliance Jio Platforms
Abu Dhabi-based sovereign investor company, Mubadala, will invest Rs. 9,093.60 crore ($1.2 billion) into Jio platforms, the telecoms unit of Reliance Industries, in the sixth high-profile deal after Facebook and Silver Lake secured stakes at the height of the global pandemic. Mubadala’s investment will translate into a 1.85% equity stake in Jio Platforms on a fully diluted basis.
“I am delighted that Mubadala, one of the most astute and transformational global growth investors has decided to partner us in our journey to propel India’s digital growth towards becoming a leading digital nation in the world,” Mukesh Ambani, the chairman of Reliance Industries, said in a statement. “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”, he added.
Prior to this, Jio Platforms had raised Rs 87,655.35 crores of investments from leading social media giants and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic and KKR within six weeks. Khaldoon Al Mubarak, Managing Director, and Group CEO, Mubadala Investment Company, said, “We are committed to investing in, and actively working with, high growth companies which are pioneering technologies to address critical challenges and unlock new opportunities. 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. With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy.” Reliance Jio has so far sold its 18.97% stake and aims to take it to 26%. Reliance on April 22 struck a Rs 43,574 crore deal with Facebook to buy 9.99% stake in Jio platforms and days after on May 4, it secured a Rs 5,656 crore investment from another private equity firm Silver Lake, and on May 8, Rs 11,367 crore from global investment firm Vista Equity Partners by selling 2.32% stake. On May 17, General Atlantic bought 1.34% stake for Rs 6,598 crores in Jio Platforms. Whereas on May 22, private equity firm KKR said it will invest Rs 11,367 crore in Jio Platforms for a 2.32% stake. Jim has now become a $65 billion company, trailing Airtel with a value of $40 billion. The Jio Platforms investment is the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.
Prior to this, Jio Platforms had raised Rs 87,655.35 crores of investments from leading social media giants and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic and KKR within six weeks. Khaldoon Al Mubarak, Managing Director, and Group CEO, Mubadala Investment Company, said, “We are committed to investing in, and actively working with, high growth companies which are pioneering technologies to address critical challenges and unlock new opportunities. 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. With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy.” Reliance Jio has so far sold its 18.97% stake and aims to take it to 26%. Reliance on April 22 struck a Rs 43,574 crore deal with Facebook to buy 9.99% stake in Jio platforms and days after on May 4, it secured a Rs 5,656 crore investment from another private equity firm Silver Lake, and on May 8, Rs 11,367 crore from global investment firm Vista Equity Partners by selling 2.32% stake. On May 17, General Atlantic bought 1.34% stake for Rs 6,598 crores in Jio Platforms. Whereas on May 22, private equity firm KKR said it will invest Rs 11,367 crore in Jio Platforms for a 2.32% stake. Jim has now become a $65 billion company, trailing Airtel with a value of $40 billion. The Jio Platforms investment is the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.
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