Abu Dhabis Mubadala buys 1.85% stake in Jio Platforms for $1.2bn

With this investment, Jio Platforms has raised $11.6 billion from six marquee investors in less than seven weeks.

Abu Dhabi based sovereign investor Mubadala Investment company will inject $1.2 billion in Reliance Industries' digital unit Jio Platforms in exchange for 1.85 per cent equity stake.

With this investment, Jio Platforms has raised $11.6 billion from six marquee investors - Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR and Mubadala - in less than seven weeks. The deal valued the Indian telecom operator at $65 billion.

Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said: “We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India′s digital growth journey. With Jio′s network of investors and partners, we believe that the platform company will further the development of the digital economy.”

The deal underlines the status of Jio Platforms as a tech powerhouse and its ability to dominate India's booming digital economy.