Published 08:19 IST, June 5th 2020
Abu Dhabi based Mubadala invests Rs 9,093 crores in Reliance Jio, stake worth 1.85%
Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR have invested Rs ₹ 87,655.35 since April, paving way for the firm to be debt-free by 2021
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Reliance Industries Limited on Friday, June 5, announced that Abu Dhabi based sovereign investor, Mubadala Investment Company will be investing Rs 9,093 crores in Jio Platforms, worth a 1.85% equity stake. This is the sixth investment in the telecom firm since April.
Jio announces sixth investment
Reliance Industries Chairman and Managing Director Mukesh Ambani said, “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.”
Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR have previously invested Rs ₹ 87,655.35 since April, paving way for the firm to be debt-free by March 2021.
The firm also closed its rights issue worth Rs 53,124 crore. The service was oversubscribed nearly 1.6 times, a press released read. The public portion of the rights issue was oversubscribed 1.22 times. The last time RIL tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece.
As part of our mandate to advance Abu Dhabi’s diversified, globally integrated economy, we invest across sectors that are driving global growth and addressing critical challenges. (1/2) pic.twitter.com/HarAjsHHpP
— Mubadala (@Mubadala) June 4, 2020
Khaldoon Al Mubarak, Managing Director, and Group CEO, Mubadala Investment Company, said, "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."
As per reports, Mubadala's portfolio covers Aerospace, Healthcare, Petrochemicals, Renewables, Information and Technology, Real Estate etc. in more than 50 firms across the world. More than 18% stake has been invested Reliance Jio over these six investments.
Jio was launched in September 2016. In the last three and a half years, Jio has become the largest telecom business in the country.
(With Agency Inputs)
08:19 IST, June 5th 2020