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.
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.Subscribe to our daily newsletter Back