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Mubadala makes biggest investment in Indian firm by buying 1.85% stake

(Image credit: Future)

Abu Dhabi-based sovereign investor Mubadala Investment Company has made its biggest investment in an Indian firm by buying a 1.85% stake in Reliance Industries’ Jio Platforms.

Mubadala has invested $1.21b in the Indian firm while Reliance has now sold a combined 19% interest in Jio Platforms in six fundraising deals to $11.6b.

"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," Khaldoon Al Mubarak, Mubadala Investment Company managing director and Group CEO, said in a statement.

Jio Platforms is a next-generation technology platform focused on providing high-quality and affordable digital services across India with more than 388m subscribers.

The telecom services arm Reliance Jio comes under Jio Platforms.

Mubadala owns electronic chip manufacturing company Global Foundries and has a stake in several technology companies like AMD and has an investment portfolio across several fields, including petroleum, renewable energy, aerospace, satellite communications, agriculture, healthcare, metals and mining.

The other recent investors in Jio Platforms are Facebook, General Atlantic, Silver Lake, Vista Equity Partners, and KKR & Co Inc.

"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," RIL chairman and managing director Mukesh Ambani said.