Abu Dhabi Sovereign Fund Mubadala to Invest Rs 9,000 Crore in Reliance Jio
Jun. 5, 2020Reliance Industries on Friday announced thatAbu Dhabi state fund, Mubadala Investment, will buy a 1.85% stake in Jio Platforms for Rs. 9,093.6 crores($1.2 billion). It is the latest in a series of high-profile investments in the digital arm of India’s largest conglomerate. The six deals over the past few weeks have helped Reliance Industries mop-up a combined Rs. 87,655 crores.
In a press statement, Mukesh Ambani, the chairman and MD of RIL, 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. We look forward to benefiting from Mubadala’s experience and insights from supporting growth journeys across the world”.
Reliance has announced a series of blockbuster deals over the past few weeks, starting with a9.9% stake sale to Facebookin April. The deal, worth Rs. 43,574 crores (around $5.7 billion), put an enterprise value of Rs. 5 lakh crores (around $66 billion) on India’s largest wireless carrier. That was followed by a1.15% stake sale to US private equity firm, Silver Lake, for Rs. 5,665.75 crores (around $750 million).
In May, US-basedVista Equity Partners bought 2.32 percent stakein Jio Platforms for Rs. 11,367 crores (around $1.5 billion). Just days later, global equity firm,General Atlantic, picked up 1.34 percent stakein the company. Thereafter, US-based private equity firm,KKR, bought a 2.32 percent stakein Jio Platforms for Rs. 11,367 crores ($1.5 billion).
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