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Abu Dhabi-based Mubadala to invest $1.2 billion in Reliance’s Jio Platforms

Sonal by Sonal
June 7, 2020
in Business
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Abu Dhabi-based Mubadala to invest $1.2 billion in Reliance’s Jio Platforms

Image Source: www.financialexpress.com

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Abu Dhabi-based sovereign wealth fund Mubadala Investment Company will invest $1.2 billion in Mukesh Ambani’s Reliance Jio platforms in exchange for a 1.85 per cent stake in equity in the business.

This marks the company’s sixth big investment in less than two months, and the company has now raised a whopping $11.6 billion so far. Its most recent investment was from the social media giant Facebook that invested $5.7 billion for a 9.9 per cent stake in the company. However, private equity firms such as SIlver Lake, General Atlantic, Vista Equity Partners, and KKR have also invested in Reliance’s Jio platforms.

Jio Plarforms is the telecom arm of Mukesh Ambani’s Reliance Industries.

“I am delighted that Mubadala, one of the most astute and transformational global growth investors, has decided to partner [with] us in our journey to propel India’s digital growth,” Ambani, the richest man in Asia, said in a statement.

Mubadala itself has a wide-ranging portfolio that is worth a massive $229 billion, with investments in the mining, aerospace, healthcare, energy, and mining sectors.

“We have seen how Jio has already transformed communications and connectivity in India,” Khaldoon Al Mubarak, managing director and CEO of Mubadala, said in a statement.

Morgan Stanley served as the financial advisor to Reliance Industries whereas AZB & Partners, and Davis Polk & Wardwell acted as legal counsel.

It has been claimed that the final aim of Mukesh Ambani is to build a global technology company on the lines of Google, Amazon, and Alibaba. The huge investments will be used to reach these goals as well as reduce the debt of Jio’s parent company, Reliance Industries.

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Tags: Mukesh AmbaniReliance Jio

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