Reliance Industries shares hit record high after another Jio deal

Jio-Mubadala deal Reliance raises ₹9,093.60 crore for its Jio platforms

This is Jio's sixth foreign investment in six weeks, and follows billion-dollar deals with Facebook ($5.7 billion), Silver Lake Partners ($747 million), Vista Equity Partners ($1.5 billion), General Atlantic ($870 million), and KKR's Asia PE Fund ($1.5 billion). The latest is Abu Dhabi-based investor Mubadala Investment Company (Mubadala).

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "I am delighted that Mubadala, one of the most astute and transformational global growth investors has chose to partner us in our journey to propel India's digital growth towards becoming a leading digital nation in the world".

Mubadala said it had agreed to invest $1.2 billion in Reliance Jio Platforms for a 1.85% stake in the firm.

It manages a portfolio of $229 billion spanning five continents. "With Jio's network of investors and partners, we believe that the platform company will further the development of the digital economy", the release said.

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Abu Dhabi Investment Authority and Saudi Arabia's The Public Investment Fund are in discussions with Reliance Industries to invest in its digital arm, news agency Bloomberg reported this week citing people familiar with the matter. Reliance, which is trying to transform into a consumer technology giant from an oil and petrochemicals major, has talked about building Jio Platforms into a digital entity on the lines of Alphabet and Tencent. Now, the total amount raised by Jio Platforms, excluding the recently concluded rights issue, stands at Rs 92,201 crore.

Other investments into Jio Platforms have come in from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in six weeks.

Mukesh Ambani, chairman and managing director of Reliance Industries (RIL), said he was delighted that Mubadala, one of the most astute and transformational global growth investors, has made a decision to partner his company in its journey to propel India's digital growth towards becoming a leading digital nation in the world.

Morgan Stanley was the financial advisor to Reliance while AZB & Partners and Davis Polk & Wardwell acted as the legal counsel for the Mubadala deal. The Brookfield transaction is yet to receive government clearance.

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