Reliance Industries Limited on Friday announced that its digital service unit Jio Platform has found another big investor. Abu Dhabi-based sovereign investor Mubadala Investment Company (Mubadala) will invest Rs 9093.60 cr in the Jio platform. This investment will be based on the equity value of Rs 4.91 lakh cr of Jio platform and an enterprise value of Rs 5.16 lakh cr. With this investment, Mubadala will get a 1.85 percent stake in the Jio platform on a fully diluted basis.
Combining this new investment, the Jio Platform has raised a total investment of Rs 87,655.35 crore from major global technology and growth investors in less than 6 weeks. So far companies such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, and Mubadala have invested in the Jio platform.
The Jio platform is a wholly-owned next-generation technology subsidiary of Reliance Industries. The company provides high-quality and affordable digital services in India. It has 38.8 crore consumers. The Jio platform has invested heavily in its digital ecosystems such as broadband connectivity, smart devices, cloud, and edge computing, big data analytics, artificial intelligence, internet of things, augmented and mixed reality, and blockchain.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries said, “I am delighted that Mubadala, one of the world’s best and transformative investors has decided to partner with us. He will be a partner in our journey to make India a digital nation.” I have a long-standing relationship with Abu Dhabi and I have noticed that Mubadala has done a tremendous job in connecting the UAE’s knowledge-based economy to the world and to diversify. We look forward to benefiting from Mubadala’s experience.
Khaldoon Al Mubarak, managing director and group CEO of Mubadala Investment Company, said his company is committed to working with and investing in high-growth companies. He said, ‘We have seen how Jio has already changed communication and connectivity in India. As an investor and partner, we are committed to supporting India’s digital development journey. With Jio’s network of investors and partners, we are confident that the company will drive the growth of the digital economy. ‘ Let us know that Reliance Jio Telecom Company also operates film, news, and music apps. So far, 18.97 percent of foreign investment has been done in the company.
Jio wants to create a “Digital India” that will benefit 130 cr Indians and businesses. A “Digital India” that will especially strengthen the hands of small traders, micro traders, and farmers in the country. Jio has played an important role in bringing the digital revolution in India and making India a prominent place among the world’s largest digital forces.