Reliance Industries has gained yet another investor, with Abu Dhabi state fund Mubadala Investment to buy a 1.85% stake in its digital unit, Jio Platforms, for ₹9,093 crore, or $1.2 billion.
Jio Platforms has over 388 million subscribers and is also the holding company of Indian telco Reliance Jio.
Mubadala said it invested in Jio Platforms to drive the global growth of information and communications technology.
In a series of tweets, Mubadala added: "As part of our mandate to advance Abu Dhabi's diversified, globally integrated economy, we invest across sectors that are driving global growth and addressing critical challenges."
"A significant aspect of this mandate is transformative information and communications technology investments in companies such as Jio Platforms."
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With Mubadala investing in Jio Platforms, Reliance Industries has now sold over 17% of its equity stake in the digital unit, raking in ₹87,655 crore worth of investment over the past six weeks.
The Abu Dhabi state fund joins the likes of Facebook, General Atlantic, KKR, among others in taking an equity stake of Jio Platforms. Of those investments, Facebook has parted with the largest sum of money, $5.7 billion, or ₹43,574 crore, to take a 9.9% stake in Jio Platforms.
At the end of 2019, the telco Reliance Jio reported it accrued 370 million subscribers, with an average monthly spend per user of ₹128, or $1.67.
In August, the Indian telco also signed a 10-year cloud agreement with Microsoft to deliver connectivity, computing, storage, and other applications to the Indian market.