Reliance Industries on Sunday announced that the Abu Dhabi Investment Authority will buy 1.16% of its digital unit Jio Platforms for Rs 5,683.5 crore through a wholly-owned subsidiary. 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 97,885.65 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA in less than seven weeks,” the company’s statement said.

Reliance, controlled by India’s richest man Mukesh Ambani, has now sold just over 21% of Jio Platforms. “The rapid growth of the [Jio] business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution,” Hamad Shahwan Al Dhaheri, the executive director of ADIA’s private equities department, said in a statement.

ADIA is chaired by the president of the United Arab Emirates, Sheikh Khalifa bin Zayed al-Nahyan, while its deputy chairperson is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.

Reliance Industries Chairperson Mukesh Ambani said he was delighted to partner with ADIA. “This investment is a strong endorsement of our strategy and India’s potential,” he added.

The investment came days after Abu Dhabi’s state fund Mubadala Investment Co announced it will invest Rs 9,093.60 crore in Jio Platforms, translating into an equity stake of 1.85% in the company.

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 many other small and large businesses.