6 cheques for Mukesh Ambani's Jio Platforms in less than 6 weeks

Abu Dhabi-based sovereign investor Mubadala Investment Company will buy 1.85 per cent stake in Jio Platforms for Rs 9,093.6 crore, RIL said on Friday.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 investment from Mubadala comes in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore."Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Mubadala's investment will translate into a 1.85 per cent equity stake in Jio Platforms on a fully diluted basis," RIL said in a statement.RIL subsidiary Jio Platforms is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. The telecom services arm Reliance Jio comes under Jio Platforms."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. We look forward to benefitting from Mubadala's experience and insights from supporting growth journeys across the world," RIL chairman and managing director Mukesh Ambani said.Mubadala owns electronic chip manufacturing company Global Foundries and has stake in several technology companies like AMD.It has an investment portfolio across several fields, including petroleum, renewable energy, aerospace, satellite communications, agriculture, healthcare, metals and mining."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," Mubadala Investment Company managing director and Group CEO Khaldoon Al Mubarak said.Mubadala established its ventures arm in 2017 to partner early with visionary founders and support innovative businesses. Mubadala's Ventures business currently manages several venture funds in the US, Europe and Middle East.

from Economic Times https://ift.tt/2Y5pbVM