UAE-based Abu Dhabi Investment Authority (ADIA) invests $750 million (~Rs 5,683.50 crore) for 1.16% equity stake in Reliance Jio Platforms on Sunday joining Facebook ($5.7 billion), Silver Lake ($746.8 million), Vista Equity Partners ($1.5 billion), General Atlantic ($870 million), KKR (1.5 billion) and Mubadala ($1.2 billion) in India’s largest Telecom company and a subsidiary of Reliance Industries.
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. ADIA manages a global investment portfolio that is diversified across more than two dozen asset classes and sub-categories.
Reliance Jio is the largest telecom network of the country with over 388 million users.
“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,” the company said in a statement that remains the same as with investment after Mubadala.
Since April, Reliance Jio has announced to sell 18.26% of stake in the firm to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, and ADIA for Rs. 97,885.65 crores
India’s telecom sector has become the new playground for the Global tech giant as Amazon is reported to be investing $2 billion in Bharti Airtel while Google is reported to be investing in Vodafone-Idea.
Bharti Airtel has already received investment from Nokia to enhance its network operations in Inda.
Jio Platforms is the suite of services including music streaming service JioSaavn, smartphones, broadband business, on-demand live television service JioTV, and payments service JioPay.
After the investment from Facebook, the company started its JioMart e-commerce venture service in India with orders can be placed via Whatsapp that has more than 400 million users in India.