Mukesh Ambani-owned Reliance Industries and Jio Platforms on Friday announced that Abu Dhabi-based investor Mubadala will invest Rs 9,093.60 crore in Jio Platforms, translating into an equity stake of 1.85% in the company. In a BSE filing, Reliance Industries said the investment will be made at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
“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 company’s statement said. In this manner, Jio Platforms has sold off a combined stake of 18.97% so far.
Reliance Industries Chairperson and Managing Director Mukesh Ambani expressed happiness at Mubadala’s investment. “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,” he said in a statement. “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.”
On May 21, United States-based private equity firm KKR bought a 2.32% stake in Jio Platforms, amounting to Rs 11,367 crore. This came exactly a month after Facebook Inc bought a 9.99% stake in Jio Platforms for Rs 43,574 crore.
The announcements have come even as the world continues to face the coronavirus pandemic. Lockdowns in many parts of the world have severely impacted national economies and wrought hardships on both small and large businesses.