Abu Dhabi’s Mubadala spends $1.2b for stake in Mukesh Ambani’s Reliance Jio in India

Abu Dhabi: Mubadala Investment Company is pumping $1.2 billion into India’s Reliance Industries owned Jio Platforms, the country’s leading digital services platform. The investment will translate into a 1.85 per cent stake in Jio on a fully diluted basis.

With the latest investment, Jio has raised $11.6 billion (Dh43 billion) from leading global technology and investment funds – including Facebook, Silver Lake, Vista Equity Partners, General Atlantic and KKR – in recent weeks.

Reliance is owned by Indian billionaire Mukesh Ambani.

“We are committed to investing in, and actively working with, high-growth companies which are pioneering technologies to address critical challenges and unlock new opportunities,” said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.

“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.

“With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy.”

Massive reach

Jio Platforms has more than 388 million subscribers.

“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,” said Ambani, who is Chairman and Managing director of Reliance Industries.