close
Breaking news

A new line of argument has already come to dominate the public sphere: it’...read more The government has gone one step further to detect community spread of the coro...read more The government has issued an order to abolish the six allowances, including the...read more Aarogya Setu application launched by NIC is aimed to track COVID-19 affected pe...read more SEOUL| South Korea’s unemployment rate was unchanged in April as the coronavi...read more Amid the outbreak of Corona pandemic in the country, Indian government has been...read more Prime Minister Narendra Modi in his address to the nation on Tuesday indicated ...read more Corona infection in the country is taking a macabre form. So far, more than 74 ...read more Congress General Secretary Priyanka Gandhi Vadra has written a letter to UP Chi...read more On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh cror...read more

Mubadala Jio $1.2 Billion Deal Raises Fresh Hopes

Mubadala Jio Deal

Abu Dhabi based Mubadala Jio $.12 Billion Deal has come an addition to the list of investor’s in Mukesh Ambani’s Reliance Jio Platforms after five American firms including Facebook and Silver Lake that have secured stakes in India’s biggest telecom operator at the height of a once-in-a-century global pandemic.

Mubadala has agreed for an investment worth $1.2 billion in Reliance Jio Platforms for a stake of 1.85% in the firm. With this deal, Reliance Jio Platforms has raised $11.5 billion in the last seven weeks.

“Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefitting from Mubadala’s experience and insights from supporting growth journeys across the world,” Mukesh Ambani,  the chairman and managing director of Reliance Industries, said in a statement after the Mubadala Jio deal.

Mubadala Jio Deal Shows Foreign Investment Interest in India

The Mubadala Jio deal show interest of foreign investors in the world’s second largest internet market after The announcement today further shows the appeal of Jio Platforms to foreign investors that are looking for a slice of the world’s second-largest internet market with 560 million user base. Media reports have claimed in recent weeks about Amazon buying stakes worth $2 billion in Bharti Airtelwhile Google has held talks for a similar deal in Vodafone Idea, the second largest telecom operator in the country.

Khaldoon Al Mubarak, managing director and group chief executive of Mubadala Investment Company, said, “We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey. With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy.”

Mubadala, which has more than $229 billion in assets, is also an investor in AMD and Alphabet’s Waymo, and SoftBank.

Tags:

Story Page