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5Continuing with its fund-raising spree, Jio Platforms, a subsidiary of Reliance Industries Ltd (RIL), has raised ₹9,093.60 crore from Abu Dhabi’s sovereign fund Mubadala Investment Company in lieu of a 1.85 per cent stake.
This is the sixth fund-raising by Jio Platforms since April 22.
Over the past six weeks, it has raised ₹87,655.35 crore from leading global technology investors, including Facebook, Silver Lake, Vista Equity Partners, General Atlantic and KKR.
The latest deal places Jio Platforms at an equity value of ₹4.91-lakh crore and an enterprise value of ₹5.16-lakh crore, RIL said in a statement.
“I am delighted that Mubadala ... has decided to partner us in our journey to propel India’s digital growth towards becoming a leading digital nation in the world,” said RIL Chairman and Managing Director Mukesh Ambani.
“Through my long-standing 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 benefiting from Mubadala’s experience and insights from supporting growth journeys across the world,” he added.
Advisors
Morgan Stanley was the financial advisor to RIL and AZB & Partners and Davis Polk & Wardwell were the legal counsels.
Khaldoon Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company, said: “...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.”
“While the previous deals were about finding technology partners, the current deal seems to target Ambani’s focus to become debt-free before the committed timelines,” said Anas Rahman Junaid, Managing Director and Chief Researcher at Hurun India.
Reliance Industries Ltd’s share price rose over 2 per cent to ₹1,617.70 in early trade on Friday, hitting a 52-week-high on the Bombay Stock Exchange (BSE) after the deal announcement.
The company’s shares closed at ₹1,580 on the BSE, up 0.9 per cent.
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