Reliance Industries Limited (Reliance Industries) and Jio Platforms Limited (Jio Platforms), India’s leading digital services platform, announced today that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest $1.2 billion (Dh4.4 billion) in Jio Platforms at an equity value of $65 billion (Dh239 billion) and an enterprise value of $68 billion (Dh250 billion).
Mubadala’s investment will translate into a 1.85 percent equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised $11.6 billion (Dh43 billion)from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, and Mubadala in less than six weeks.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality, and blockchain.
Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses, and farmers so that all of them can enjoy the fruits of inclusive growth.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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. Through my longstanding ties with Abu Dhabi, I’ve personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefitting from Mubadala’s experience and insights from supporting growth journeys across the world.”