Abu Dhabi's Mubadala to invest $1.2 billion in Reliance's Jio Platforms | The Business Standard
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FRIDAY, JUNE 09, 2023
Abu Dhabi's Mubadala to invest $1.2 billion in Reliance's Jio Platforms

Global Economy

Reuters
05 June, 2020, 04:00 pm
Last modified: 05 June, 2020, 04:03 pm

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Abu Dhabi's Mubadala to invest $1.2 billion in Reliance's Jio Platforms

The interest in Jio Platforms highlights its potential to become the dominant player in India’s digital economy

Reuters
05 June, 2020, 04:00 pm
Last modified: 05 June, 2020, 04:03 pm
A sales person displays features of JioPhone as he poses for a photograph at a store of Reliance Industries' Jio telecoms unit, on the outskirts of Ahmedabad, September 26, 2017. REUTERS/Amit Dave/Files
A sales person displays features of JioPhone as he poses for a photograph at a store of Reliance Industries' Jio telecoms unit, on the outskirts of Ahmedabad, September 26, 2017. REUTERS/Amit Dave/Files

Indian oil-to-telecoms conglomerate Reliance Industries Ltd said on Friday that Abu Dhabi state fund Mubadala Investment Co will buy a 1.85 percent stake in its digital unit, Jio Platforms, for 90.93 billion rupees ($1.21 billion).

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 Inc for $5.7 billion.

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.

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 in assets.

The other recent investors in Jio Platforms are private-equity firms General Atlantic, Silver Lake, Vista Equity Partners, and KKR & Co Inc.

Morgan Stanley served as a financial adviser to Reliance Industries, the company said in a statement.

South Asia

Reliance JIO

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