Abu Dhabi-based sovereign investor, Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms, Reliance Industries Ltd announced on Friday. The investment is at an equity valuation of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
With this deal, Jio managed to secure a total investment of Rs 87,655.35 crore in less than six weeks. Apart from Mubadala, leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR came forward to invest in the Indian telecommunication giant.
“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,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
With more than 388 million subscribers, Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies.
Jio’s vision is to enable a Digital India for its 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth, the company said in a statement.
“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,” said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.
“With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy,” he added.
Also read: Advantage Aramco Over Deal With Reliance