Reliance Industries (RIL) gained 1.66% to Rs 1606.15 after the company announced that Abu Dhabi's Mubadala will invest Rs 9,093.60 crore in Jio Platforms.
Reliance Industries on Friday announced that Abu Dhabi-based Mubadala Investment Company, 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% equity stake in Jio Platforms on a fully diluted basis.Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi.
With this investment, Jio Platforms has raised Rs 87,655.35 crore from growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.
Commenting on the deal with Mubadala Investment Company, Mukesh Ambani, Chairman and Managing Director of Reliance Industries 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 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.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a technology platform focused on providing digital services across India, with more than 388 million subscribers.
Shares of RIL surged to a record high level of Rs 1617.70 on BSE in morning trade. The stock has soared 50% in last two months as compared to a 24% rise in benchmark BSE Sensex.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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