Abu Dhabi Investment Authority invests $750mn in Jio Platforms

With this investment, Jio Platforms has raised $13 billion from seven marquee investors in less than seven weeks.

Reliance Industries sold 1.16 per cent stake in its digital unit to Abu Dhabi Investment Authority (ADIA) for $750 million that will help pare debt at the oil-to-telecom conglomerate.

With this investment, Jio Platforms has raised $13 billion from seven marquee investors - Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR & Co, Mubadala and ADIA in less than seven weeks.

The AIDA deal comes within days of Abu Dhabi sovereign wealth fund Mubadala Investment picking up 1.85 per cent in RIL's digital unit for $1.2 billion on 5 June. On that day, US based private equity firm Silver Lake has also invested another $600 million for additional 0.93 per cent stake in Jio Platforms.

Hamad Shahwan Aldhaheri, Executive Director of Private Equities Department at ADIA, said: “The rapid growth of the business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution. Our investment in Jio is a further demonstration of ADIA's ability to draw on deep regional and sector expertise to invest globally in market leading companies and alongside proven partners.”