Abu Dhabi Investment Authority takes a $750m stake in India’s Jio Platforms
Jio Platforms has attracted a flurry of investment from overseas investors
The Abu Dhabi Investment Authority has agreed to acquire a 1.16 per cent stake in Reliance Industries’ digital services offering, Jio Platforms.
“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,” said Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA.
Reliance Industries, which owns India’s biggest telco Reliance Jio, has attracted more than $12.75 billion of investment into its Jio Platforms unit, from a host of international investors, including Facebook, Mubadala Silver Lake and General Atlantic.
“I am delighted that ADIA, with its track record of more than four decades of successful long-term value investing across the world, is partnering with Jio Platforms in its mission to take India to digital leadership and generate inclusive growth opportunities,” Reliance Industries chairman, Mukesh Ambani, said in the statement.
“This investment is a strong endorsement of our strategy and India’s potential.”