Reliance Industries shares hit record high after another Jio deal

06 Juin, 2020, 20:41 | Auteur: Auguste Feret
  • Reliance Industries Limited announced that private equity firm Silver Lake is pumping in additional INR 4,546.80 Cr in Jio Platforms

Reliance Industries Limited (RIL), on Friday (June 5), announced that private equity firm Silver Lake along with its co-investors will pump in additional INR 4,546.80 Cr in RIL's digital entity, Jio Platforms.

With the latest investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks, RIL said in a filing to the BSE. In all these deals the company will issue fresh shares to the investors. It further strengthens parent Reliance Industries (RIL) target of becoming zero debt company ahead of March 2021.

Mubadala is billed as the second-biggest state investor after Abu Dhabi Investment Authority.

Mukesh Ambani, chairman and managing director of Reliance Industries (RIL), said he was delighted that Mubadala, one of the most astute and transformational global growth investors, has made a decision to partner his company in its journey to propel India's digital growth towards becoming a leading digital nation in the world.

The deal marked Mubadala's largest investment in an Indian firm.

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Commenting on the deal, RIL Chairman and Managing Director Mukesh Ambani said, "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".

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 chose to partner with us".

The interest in Jio Platforms highlights its potential to become the dominant player in India's digital economy. In 2017, Mubadala established its Ventures arm to support innovative tech-led businesses.

Reliance Jio says this investment by Mubadala Investment Company further reinforces the recognition of the world-class digital platform that Jio has built, powered by leading technologies, such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain. Mubadala's Ventures business now manages several venture funds in the US, Europe and Middle East.

- Abu Dhabi-based Mubadala has a wide portfolio which includes advanced manufacturing, semiconductors, metals & mining, pharmaceutical and medical technology, and more.



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