Technology company Jio Platforms said on Friday that it received roughly 91 billion rupees ($ 1.2 billion) from the Mubadala Investment Company for a 1.85% stock.
This brings the billionaire’s recent fundraising effort to 877 billion rupees ($ 11.6 billion) so far, showing the company’s sixth largest investment in less than two months.
“Mubadala, one of the smartest and transformative global growth investors, [with] On our journey to advance India’s digital growth, “Ambani said on Friday.
Jio is part of Ambani’s dispersed conglomerate, Reliance Industries. It includes Reliance Jio, India’s largest mobile network, with over 388 million subscribers. Jio also has an application ecosystem that offers millions of mobile users everything from online market shopping to digital payments to video streaming.
Meanwhile, Mubadala has a $ 229 billion portfolio with bets on technology, energy, mining, aviation, real estate, and healthcare.
“We have seen how Jio has transformed communication and connectivity in India,” said Khaldoon Al Mubarak, Managing Director and CEO of Mubadala. Said.
Ambani said at the meeting of shareholders last year that Reliance Industries wanted it to be a “zero net debt company” by March 2021. As of March 2020, Reliance’s books had about $ 44 billion in debt.
Reliance Industries said in April that the program was planned ahead of time and will reach its zero debt target by the end of the year.
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