Abu Dhabi sovereign fund Mubadala Investment Company will infuse Rs 9,093.6 crore in Reliance Industries’ Jio Platforms. The deal will give Mubadala 1.85 percent share in the company.
Mubadala’s investment in Jio Platforms is another step towards making RIL a net debt-free company by March 2021.
Jio Platforms, which runs movie, news and music apps as well as the telecom enterprise Jio Infocomm, has now sold a combined stake of 18.97 percent in six massive fundraising deals.
With this investment, Jio Platforms has raised Rs 87,655.35 crore 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 investment from Mubadala comes in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
RIL is India’s largest private sector company. RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
Commenting on the fresh deal, RIL chairman Mukesh Ambani 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.”