Reliance Industries Limited (RIL) on June 5 said Mubadala Investment Company, the Abu Dhabi-based sovereign investor, 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 percent equity stake in Jio Platforms on a fully diluted basis.
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.
“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 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,” said Mukesh Ambani, Chairman and Managing Director, RIL.
Also Read | COVID-19 to accelerate digital adoption in India; Reliance Jio helped spur internet usage: Morgan Stanley
“We are committed to investing in, and actively working with, high growth companies which are pioneering technologies to address critical challenges and unlock new opportunities. 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,” said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.
Also Read | Jio dials it right. Investors queue up to take the call
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners, and Davis Polk & Wardwell were the legal counsels.
(Disclaimer: Reliance Industries (RIL) is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.