Reliance Industries Limited (RIL) announced that Abu Dhabi-based investment company Mubadala has invested Rs 9,093.60 crore in Jio Platforms, making it the sixth firm to do so in less than six weeks. Jio Platforms, a wholly-owned subsidiary of Mukesh Ambani’s RIL, has raised Rs 87,655.35 crore as a result of the successive global investments. Mubadala's investment in Jio Platforms is another step towards making RIL a net debt-free company by March 2021.
As part of the fresh deal, Mubadala will own 1.85 per cent equity stake in Jio Platforms, which is the digital wing of Reliance’s business. “Mubadala will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Mubadala’s investment will translate into a 1.85 per cent equity stake in Jio Platforms on a fully diluted basis,” said a press release issued by RIL.
Commenting on the fresh deal, RIL chairman 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.” Read More...
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