UAE investors latest to look at Jio Platforms stake - Mobile World Live

UAE investors latest to look at Jio Platforms stake

02 JUN 2020

Reliance Industries technology subsidiary Jio Platforms looked set for another hefty investment, with The Economic Times (ET) reporting UAE-backed funds were in talks regarding a combined outlay of up to $1.25 billion in the Indian business.

The interest in Jio Platforms from state-owned Abu Dhabi Investment Authority and Mubadala Investment follows reports Saudi Arabia’s sovereign wealth Public Investment Fund was considering investing up to $1.5 billion, which would give it just over a 2 per cent stake, ET wrote.

Jio Platforms is on something of a roll in terms of investments, securing $10.46 billion from five US companies since late April, and reports Microsoft was mulling a $2 billion move.

The India conglomerate sold around 17 per cent of Jio Platforms, with the latest investment giving the unit a valuation of $65.4 billion, the company said.

Jio Platforms operates broadband and online commerce services, including Reliance Jio, India’s largest mobile operator with 388 million subscribers at end Q1.

Reliance Industries is raising funds with the goal of being debt free by end-March 2021.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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