Reliance Industries Ltd (RIL) said on Sunday that an Abu Dhabi Investment Authority (ADIA) unit has invested Rs. 5,683.50 crores in Jio Platforms.
Reliance Industries Ltd (RIL) said on Sunday that an Abu Dhabi Investment Authority (ADIA) unit has invested Rs. 5,683.50 crores in Jio Platforms, taking the total capital raised by its digital services subsidiary in just seven weeks to around 1 trillion.
The investment by an unidentified, wholly-owned ADIA subsidiary, valuing Jio Platforms at approximately $4.91 trillion, comes only two days after RIL revealed two major investments by foreign investors adding up to some $113,640.4 in Jio Platform.
“I am delighted that ADIA, with its track record of more than four decades of productive long-term value investment worldwide, is partnering with Jio Platforms in its mission of taking India to digital leadership and creating opportunities for inclusive development. This investment reflects a clear endorsement of our plan and the potential of India, “said Mukesh Ambani, president, and managing director of RIL.
With this fund, Jio Projects raised approximately $97,885.65 from seven global investors.
Mubadala Investment Co., based in Abu Dhabi, purchased a 1.85 percent stake in Jio Platforms for 9,093.60 crores on Friday. Later that day, RIL said Silver Lake, which had previously invested some 5,655,75 crores in Jio Platforms on 4 May, committed to investing an additional 4,546,80 crore along with its co-investors, taking its aggregate investment to some 10,202,55 crores, for a stake of 2,08 percent.
Since April ‘s end, Jio Platforms has been on a spree to raise capital. Jio Projects has sold stakes to private equity firms KKR & Co., Silver Lake, Vista Equity Partners, General Atlantic, Mubadala, and now ADIA, beginning with Facebook’s 43,574 crore investment in April.
The latest investment will fully dilute ADIA’s 1.16 percent stake in Jio Platforms, RIL said.
ADIA is a globally diversified investment institution that invests funds on behalf of the Abu Dhabi government through a long-term value-creating strategy. It has various investments in India, mostly through its department of private equities.
“Jio Projects is at the forefront of India’s digital revolution, poised to benefit from significant socio-economic changes and technology’s transformative impact on people’s way of living and working. Building on a strong track record of strategic execution, the rapid growth of the company, which has established itself as a market leader in just four years, said Hamad Shahwan Aldhaheri, executive director of private equities at ADIA.
“Our investment in Jio is yet another demonstration of the ability of ADIA to draw on deep regional and sector expertise to invest globally in market-leading companies and alongside proven partners,” Aldhaheri said.
Jio, with 388 million subscribers, brings together all RIL digital and telecom projects, including Jio digital services, smartphone and broadband, applications, tech technologies such as artificial intelligence, big data and the Internet of Things, and other investments such as Den Networks, Hathway Cable and Datacom.