Abu Dhabi Investment Authority to invest Rs 5,683.50 crore in Jio Platforms for 1.16% stake
- Its seventh deal in the last seven weeks, Reliance Jio on Sunday said a subsidiary of Abu Dhabi Investment Authority (ADIA) will invest Rs 5,683.50 crore for a 1.16% equity stake in Jio Platforms. The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
- With the latest investment the company has got a total investment of Rs 97,885.65 crore from eight deals as Silver Lake and it co-investors made an additional investment.
- These successive stake sales are part of parent Reliance Industries’ (RIL) plans to be debt-free by the end of this fiscal. It raised Rs 53,124 crore via a rights issue that closed 4 June. RIL’s net debt currently stands at Rs 1.6 lakh crore.
- Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA, said: “Jio Platforms is at the forefront of India’s digital revolution, poised to benefit from major socio-economic developments and the transformative effects of technology on the way people live and work.”
- 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.
- On Friday, the company had announced that Abu Dhabi’s sovereign fund Mubadala would invest Rs 9,093.60 crore ($1.2 billion) for a 1.85% equity stake in Jio Platforms. On the same day, RIL also announced an additional Rs 4546.80 crore investment by Silver Lake, taking its total investment in Jio Platforms to Rs 10,202.55 crore.
About Abu Dhabi Investment Authority (ADIA)–
The Abu Dhabi Investment Authority is a sovereign wealth fund owned by the Emirate of Abu Dhabi founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi. It manages the Emirate’s excess oil reserves, estimated to be as much as $875 billion.
- Founded – 1976
- Headquarters– Abu Dhabi, UAE
- Founder – Zayed bin Sultan Al Nahyan
- Chairman – Khalifa bin Zayed bin Sultan Al Nahyan
About Jio–
Reliance Jio Infocomm Limited, Jio, is an Indian telecommunications company and subsidiary of Jio Platforms.It operates a national LTE network with coverage across all 22 telecom circles. It does not offer 2G or 3G service, and instead uses only voice over LTE to provide voice service on its 4G network.
- Formation – 15 February 2007
- Headquarters – Mumbai, Maharashtra
- Founder and Chairman- Mukesh Ambani
- Managing Director- Sandip Das
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