Reliance Industries on Sunday announced that its wholly-owned subsidiary – Jio Platforms has raised investment of Rs. 5,683.50 crore from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for an 1.16 per cent equity stake on a fully diluted basis.
In a regulatory filing, Reliance Industries said, “This investment values Jio Platforms at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs.5.16 lakh crore.”
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 over the last seve seven weeks.
“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,” Mukesh Ambani, Chairman and Managing Director of Reliance Industries was quoted in the statement.
One of the world’s biggest sovereign wealth funds, ADIA invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. It manages a global investment portfolio that is diversified across more than two dozen asset classes and sub-categories.
“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. 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,” Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA was quoted in the statement.
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners, and Davis Polk & Wardwell acted as legal counsel.