Jio Platforms Receives Rs 5,683 Crore Investment From Abu Dhabi Govt Fund
Jun. 8, 2020Keeping up with its spree of investments from high-profile foreign investors over the past couple of months, Reliance Industries (RIL) has now announced that theAbu Dhabi government’s largest investment vehicle is set to infuse Rs. 5,863.50 crores into Jio Platforms for a 1.16% stakein the company.
In a press release on Sunday, RIL said that the investment from the Abu Dhabi Investment Authority (AIDA) will peg Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore. AIDA is the seventh investor to have picked up a stake in Jio Platforms recently.With this investment, RIL will have sold 21.06% stake in the company for Rs. 97,885.65 crores.
This is the latest in a series of blockbuster investments in the digital arm of India’s largest conglomerate. It follows the announcement last week of aRs. 9093.6 crore investmentfrom another Abu Dhabi sovereign fund, Mubadala Investment. It was followed by anadditional fund infusion of Rs. 4,546.80 croresfrom US private equity fund, Silver Lake, which hadalready invested Rs. 5,655.75 croresin Jio Platforms earlier this month.
Prior to the aforementioned deals, Reliance announced a series of other mega investments in Jio Platforms, none more prominent than a9.9% stake sale to Facebookin April for Rs. 43,574 crores. The first round of investment from Silver Lake came soon thereafter, followed by deals with various global equity funds.
In May, US-basedVista Equity Partners bought 2.32 percent stakein Jio Platforms for Rs. 11,367 crores. 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.
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