Abu Dhabi participates in India’s digital revolution
The Abu Dhabi Investment Authority (ADIA) has announced Rs.5,683.50 crore (approximately US$750 million) investment in Jio Platforms Ltd of Reliance Industries Ltd, banking on India’s digital revolution.
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 socioeconomic 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,” said Hamad announcing the investment on 7 June 2020.
AIDA’s investment values Jio Platforms at an equity value of Rs.4.91 lakh crore and an enterprise value of Rs.5.16 lakh crore. ADIA’s investment will translate into a 1.16% equity stake in Jio Platforms on a fully diluted basis.
With this investment, Jio Platforms has raised Rs.97,885.65 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA in less than seven weeks.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “This (AIDA) investment is a strong endorsement of our strategy and India’s potential. fiinews.com
