Abu Dhabi’s Mubadala Investment Co. is nearing a deal to invest about $1 billion in Jio Platforms Ltd, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), and an announcement would come in as soon as this week.

RIL, backed by Asia's richest man Mukesh Ambani, is also in discussions with Abu Dhabi Investment Authority and Saudi Arabia's The Public Investment Fund for raising funds, according to a report by Bloomberg.

Any new investment would add to the $10 billion that Jio Platforms has raised in recent weeks. High-profile backers from Facebook Inc. to KKR are betting on Jio Platform's access to India's massive consumer market, and its potential to shake up traditional industries in the country - from retail to education and payments - with its technology, it added.

BusinessLine could not independently verify this story.

RIL, the country’s largest private sector firm, is expecting another Rs 10,000 crore from similar private equity deals by December, sources told BusinessLine on May 31.

With plans to raise funds totalling Rs 1.62-lakh crore by December, billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) will emerge net-debt free by the end of this calendar year. This is much ahead of industry and analysts expectations of RIL being debt-free by March 2021.

These fund-raising plans are based on equity partnership deals or through operating cash flows and do not include the entire proceedings of the rights issue. The plans to become debt-free are not dependent on the timelines of the proposed Saudi Aramco deal, industry sources told BusinessLine .

READ THE STORY: Reliance Industries to be debt-free by year-end

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