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Abu Dhabi Sovereign Fund Mubadala to Invest Rs.9,000 Crore in Reliance Jio


Abu Dhabi Sovereign Fund Mubadala to Invest Rs.9,000 Crore in Reliance Jio

By Techtonic group

Reliance Industries on Friday announced that Abu Dhabi state fund, Mubadala Investment, will buy a 1.85% stake in Jio Platforms for Rs. 9,093.6 crores ($1.2 billion). It is the latest in a series of high-profile investments in the digital arm of India's largest conglomerate. The six deals over the past few weeks have helped Reliance Industries mop-up a combined Rs. 87,655 crores.

In a press statement, Mukesh Ambani, the chairman and MD of RIL, said: "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. 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".

Reliance has announced a series of blockbuster deals over the past few weeks, starting with a 9.9% stake sale to Facebook in April. The deal, worth Rs. 43,574 crores (around $5.7 billion), put an enterprise value of Rs. 5 lakh crores (around $66 billion) on India’s largest wireless carrier. That was followed by a 1.15% stake sale to US private equity firm, Silver Lake, for Rs. 5,665.75 crores (around $750 million).

In May, US-based Vista Equity Partners bought 2.32 percent stake in Jio Platforms for Rs. 11,367 crores (around $1.5 billion). Just days later, global equity firm, General Atlantic, picked up 1.34 percent stake in the company. Thereafter, US-based private equity firm, KKR, bought a 2.32 percent stake in Jio Platforms for Rs. 11,367 crores ($1.5 billion).

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