Reliance Industries secured another major investment in its digital subsidiary from an Abu Dhabi-based fund, continuing a two-month run of broader backing which reaped $12.95 billion so far.
A subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest INR56.84 billion ($752 million) for a 1.16 per cent stake in Jio Platforms.
Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA, said Jio Platforms is at the forefront of India’s digital revolution, and is poised to benefit from major socio-economic developments and the transformative effects of technology on how people live and work.
He added the rapid growth of the business, which established itself as a market leader in four years, was built on a strong track record of strategic execution.
Last week UAE sovereign wealth fund Mubadala Investment [1], took a 1.85 per cent stake, while US-based private-equity company Silver Lake doubled its holding [2].
Since late April, Reliance Industries sold just more than 21 per cent of Jio Platforms. It said the latest investment values the subsidiary at $68.3 billion.
[1] https://www.mobileworldlive.com/featured-content/home-banner/jio-platforms-attracts-another-billion-dollar-backer/
[2] https://www.mobileworldlive.com/featured-content/top-three/silver-lake-ups-jio-platforms-stake/
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