Abu Dhabi based sovereign wealth fund, Mubadala, is to invest around $1.2 billion in a stake in India’s biggest telco, reliance Jio.
A report in The Economic Times of India suggests that Mubadala’s $1.2 billion investment will net it a 1.85 per cent stake in Jio Platforms – Reliance Jio’s digital services platform.
“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,” Mukesh Ambani, chairman and MD of Reliance Industries, said in a statement.
“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”, he added.
Reliance Jio has attracted almost $10 billion in external investment from a plethora of tech companies and wealth funds, in recent weeks.
Most recently, US private equity fund, General Atlantic, purchased a 1.3 per cent stake in the business for $870 million, in a deal that values Reliance Jio at around $65 billion.
Social media giant Facebook invested a reported $5.7 billion for a 9.99 per cent stake in the company, while equity funds Vista Equity Partners and Silver Lake invested $1.5 billion and $750 million respectively, bringing total investments from US firms to almost $10 billion in the past six weeks.