Abu Dhabi state fund Mubadala Investment Co has acquired 1.85 per cent of Jio Platforms, Reliance Industries Ltd’s technology platform for an investment of $1.21 billion.
The operation brings the total Jio Platforms’ shares sold to 19 per cent after Facebook acquired 10 per cent.
Jio Platforms houses movie, music apps and telecoms venture Jio Infocomm. With the sale of shares to the Emirati entity, the company’s value soared to $68 billion.
Reliance Industries Ltd is owned by Asian richest man Mukesh Ambani and is the second investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA) with about $240 billion in assets.
Mubadala Investment, with $229 billion in assets, also made a $15 billion commitment to the SoftBank Vision Fund and launched a number of tech funds in the US, Europe and its home base, Arabian Business reports.