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Mubadala to invest $1.2 billion in India’s Reliance Jio Platforms

Mubadala to invest $1.2 billion in India’s Reliance Jio Platforms

Abu Dhabi-based sovereign agency Mubadala has turn into the newest investor in Mukesh Ambani’s Reliance Jio Platforms, becoming a member of 5 American corporations together with Facebook and Silver Lake which have secured stakes in India’s greatest telecom operator on the top of a once-in-a-century international pandemic.

Mubadala mentioned it had agreed to take a position $1.2 billion in Reliance Jio Platforms for a 1.85% stake within the agency. The deal valued the Indian telecom operator, which launched within the second half of 2016, at $65 billion.

A subsidiary of Reliance Industries, probably the most valued agency in India whose core companies are in oil refining and petrochemicals, Reliance Jio Platforms has raised $11.5 billion within the final seven weeks.

“Through my longstanding ties with Abu Dhabi, I’ve personally seen the affect of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economic system. We stay up for benefitting from Mubadala’s expertise and insights from supporting progress journeys internationally,” Mukesh Ambani, the chairman and managing director of Reliance Industries, mentioned in a press release.

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