Mumbai, June 05: In yet another major development, Mukesh Ambani led Reliance Industries Limited (RIL) on Friday announced that Abu Dhabi state fund Mubadala Investment Co bought a 1.85% stake in its digital unit, Jio Platforms, for Rs 9,093.6 crore. This is the sixth investment in the telecom firm since April.
With this investment, Jio Platforms has now raised ₹ 87,655.35 crores from leading global technology & growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, and now Mubadala.
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 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.
"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," said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.
"With Jio's network of investors and partners, we believe that the platform company will further the development of the digital economy," he added.
This investment is part of Ambani’s goal of slashing net debt to zero at Reliance Industries, an oil refining, petrochemicals, retail, and telecommunications conglomerate that’s India’s largest company.