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India’s Jio Platforms Gets $1.2 Billion From Mubadala Investment Company

India’s Jio Platforms receives a $1.2 billion investment from the Mubadala Investment Company. The investment will also give Mubadala a 1.85% equity stake in the company which is part of Asia’s richest man, Mukesh Ambani’s conglomerate.

 

Mubadala Investment Company, which is a part of the Abu Dhabi Sovereign Fund, has a portfolio worth $229 billion. The fund has investments in tech, energy, mining, aerospace, real estate, and health care.

 

“I am delighted that Mubadala, one of the most astute and transformational global growth investors, has decided to partner [with] us in our journey to propel India’s digital growth,” Ambani said of the investment in Jio Platforms.

 

This latest investment brings the total amount Ambani has raised for his conglomerate to $11.6 billion. Facebook started off with an investment of $5.7 billion into Jio Platforms for about 10% equity in the company. Since that time, Silver Lake, Vista, General Atlantic, and KKR have invested varying sums in the company.

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Experts say the goal of the fundraising is to build the next global technology company. The company also hopes to rival the likes of Google, Amazon, and Alibaba in its expansion drive.

 

“We have seen how Jio has already transformed communications and connectivity in India,” Khaldoon Al Mubarak, managing director and CEO of Mubadala, said in a statement.

 

The investments will also help the conglomerate settle its huge debt bill. Ambani had told shareholders that he wants Reliance Industries to become a “zero net debt company” by March 2021. At the moment, Reliance’s debt stands at about $44 billion and the company has said it’s on schedule to achieve the target by the end of 2020.

 

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Kolawole Awolope

Passionate about talking, passionate about talking tech.

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