Keeping up with its spree of investments from high-profile foreign investors over the past couple of months, Reliance Industries (RIL) has now announced that the Abu Dhabi government’s largest investment vehicle is set to infuse Rs. 5,863.50 crores into Jio Platforms for a 1.16% stake in the company.
In a press release on Sunday, RIL said that the investment from the Abu Dhabi Investment Authority (AIDA) will peg Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore. AIDA is the seventh investor to have picked up a stake in Jio Platforms recently. With this investment, RIL will have sold 21.06% stake in the company for Rs. 97,885.65 crores.
This is the latest in a series of blockbuster investments in the digital arm of India’s largest conglomerate. It follows the announcement last week of a Rs. 9093.6 crore investment from another Abu Dhabi sovereign fund, Mubadala Investment. It was followed by an additional fund infusion of Rs. 4,546.80 crores from US private equity fund, Silver Lake, which had already invested Rs. 5,655.75 crores in Jio Platforms earlier this month.
Prior to the aforementioned deals, Reliance announced a series of other mega investments in Jio Platforms, none more prominent than a 9.9% stake sale to Facebook in April for Rs. 43,574 crores. The first round of investment from Silver Lake came soon thereafter, followed by deals with various global equity funds.
In May, US-based Vista Equity Partners bought 2.32 percent stake in Jio Platforms for Rs. 11,367 crores. Days later, global equity firm, General Atlantic, picked up 1.34 percent stake in the company. Thereafter, US-based private equity firm, KKR, bought a 2.32 percent stake in Jio Platforms for Rs. 11,367 crores.