Reliance Jio And Mubadala Deal to Help Jio Platforms Push Forward The Digital India Dream
Reliance Industries earlier today announced that Jio Platforms was getting the sixth major investment in the company, in as many weeks. The UAE-based investment group Mubadala has invested Rs 9,093.60 Crore in Jio Platforms, for a 1.85% equity stake. Reliance Jio had previously announced partnerships with KKR, General Atlantic, Facebook, Silver Lake Partners and Vista Equity Partners over the past few weeks. The series of investments began with Facebook, the world's biggest social media company, making a $5.7 billion, or Rs 43,574 crore investment, earning a 9.99 percent stake in Reliance Jio. This was followed by Silver Lake, which invested Rs 5,655.75 crore for a 1.15 percent stake and Vista Equity Partners, an American investment firm that bought a 2.3 percent stake in Jio Platforms, worth Rs 11,367 crore. Last month there was an investment by General Atlantic acquiring a 1.34 percent stake worth Rs 6,598.38 crore followed by private equity firm KKR that offered Rs 11,367 crore for a 2.32 percent stake.
Reliance Jio and its investments in India's telecom space have changed the face of the industry. Jio Platforms could definitely evolve as a technology company that has expertise in multiple domains. Jio's technology umbrella already includes broadband services, smart devices, cloud and edge computing, Big Data analytics, artificial intelligence, Internet of Things (IoT), Augmented and Mixed Reality and blockchain. The money invested by Mubadala, as well as the likes of KKR, General Atlantic, Facebook, Silver Lake Partners and Vista Equity Partners will help the company achieve the Digital India vision for 1.3 billion people and businesses across the country, including small businesses, micro-businesses and farmers.
“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,” says Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
Mubadala Investment Company’s current partnerships include The Carlyle Group, Total, Imperial College London, Boeing, Airbus, Honeywell, Hughes, Rolls-Royce, Shell and Petronas.
“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,” says Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.
Disclaimer:News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio.