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Rs. 9093.60 Crore Investment From the Sovereign Investor of Mubadala from Abu Dhabi in JIO
India's oil-to-telecommunications conglomerate Reliance Industries announced on Friday the buying of a 1.85% stake in its digital platform, Jio Platforms, for the Rs. 9,093.60 crores by the Mubadala Investment Company.
In six fundraising transactions, with a 9.99 percent stake in Facebook, Reliance now had sold a combined 19-percent interest in Jio Platforms which includes films, music apps and a telecom company Jio Infocomm.
"In less than six weeks Jio Platforms' investment has raised Rs. 87,655,35 crores from world's leading technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, and Mubadala,"
Jio Platforms' interest emphasizes its potential to dominate the Indian digital economy. The telecommunications unit has already decimated several competition with lower prices and relies on the retail network of Reliance to expand into e-commerce.
"I am very happy that Mubadala, one of the cleverest and most transformative investors in global growth has decided to join us on our road to push the digital growth of India to be a leading digital nation in the world. The Chairman and Managing Director of Reliance Industries, Mukesh Ambani, said.
I personally saw the impact of Mubadala 's work in diversifying the knowledge-based economy in the USA and connecting it globally, through my long lasting links with Abu Dhabi.
Jio Platforms is the largest investment in an Indian company owned and managed by Mubadala (240 billion US dollars) (approximately Rs. 18.08 Lakh Crores), second-largest government investor in Abu Dabi, after ADIA, the Abu Dhabi Investment Authority.
"We saw Jio 's transformation of communication and connectivity in India and as an investor and partner, we are committed to supporting India's digital journey of growth. We believe that with Jio 's network of investors and partners the platform company will promote the development of the company.
As mentioned, the private capital corporations General Atlantic, Silver Lake, Vista Equity Partners and KKR are more recent investment companies in Jio Platforms.
The company said in a statement that Morgan Stanley served as Reliance Industries' financial advisor.
