Jio Platforms Gets Rs. 9,093.60 Crore Investment From Abu Dhabi’s Mubadala Sovereign Investor
Indian oil-to-telecoms conglomerate Reliance Industries said on Friday that Abu Dhabi state fund Mubadala Investment Company will buy a 1.85 percent stake in its digital unit, Jio Platforms, for Rs. 9,093.60 crores.
Reliance has now sold a combined 19 percent interest in Jio Platforms, which houses movie, music apps, and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99 percent stake sale to Facebook for Rs. 43,574 crores ($5.7 billion).
“With this investment, Jio Platforms has raised Rs. 87,655.35 crores from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners), General Atlantic, KKR, and Mubadala in less than six weeks,” the company said in a statement.
The interest in Jio Platforms highlights its potential to become the dominant player in India’s digital economy. The telecoms unit has already decimated several rivals with cut-throat pricing and is counting on Reliance’s retail network to expand into e-commerce.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, 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.”
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 (roughly Rs. 18.08 lakh crores) in assets.
Meanwhile, Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said, “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.”
As mentioned, other recent investors in Jio Platforms are private-equity firms General Atlantic, Silver Lake, Vista Equity Partners, and KKR.
Morgan Stanley served as a financial adviser to Reliance Industries, the company said in a statement.
© Thomson Reuters 2020
Is Realme TV the best TV under Rs. 15,000 in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts or RSS, download the episode, or just hit the play button below.
Indian oil-to-telecoms conglomerate Reliance Industries said on Friday that Abu Dhabi state fund Mubadala Investment Company will buy a 1.85 percent stake in its digital unit, Jio Platforms, for Rs. 9,093.60 crores.
Reliance has now sold a combined 19 percent interest in Jio Platforms, which houses movie, music apps, and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99 percent stake sale to Facebook for Rs. 43,574 crores ($5.7 billion).
“With this investment, Jio Platforms has raised Rs. 87,655.35 crores from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners), General Atlantic, KKR, and Mubadala in less than six weeks,” the company said in a statement.
The interest in Jio Platforms highlights its potential to become the dominant player in India’s digital economy. The telecoms unit has already decimated several rivals with cut-throat pricing and is counting on Reliance’s retail network to expand into e-commerce.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, 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.”
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 (roughly Rs. 18.08 lakh crores) in assets.
Meanwhile, Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said, “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.”
As mentioned, other recent investors in Jio Platforms are private-equity firms General Atlantic, Silver Lake, Vista Equity Partners, and KKR.
Morgan Stanley served as a financial adviser to Reliance Industries, the company said in a statement.
© Thomson Reuters 2020
Is Realme TV the best TV under Rs. 15,000 in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts or RSS, download the episode, or just hit the play button below.
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.