Jio Platforms to Receive Rs. 5,683.50 Crores Investment From ADIA

Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16 percent of its digital unit Jio Platforms for Rs. 5,683.50 crores rupees ($752 million).

ADIA’s investment in Jio Platforms, which comprises Reliance’s telecoms armInfocomm and its music and video streaming apps, gives the unit an enterprise value of Rs. 5,16,000 crores,said in a regulatory filing.

Reliance, controlled by India’s richest man, has now sold just over 21 percent of Jio Platforms to investors including, securing nearly $13 billion (Rs. 97,885.65 crores in India) in less than seven weeks.

On Friday, Abu Dhabi’s state fundInvestmentit would purchase a 1.85 percent stake in Jio Platforms for Rs. 9,093 crores.

‘The rapid growth of the (Jio) business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution,’ Hamad Shahwan Aldhaheri, executive director in ADIA’s private equities department, said in a statement.

With estimated assets of nearly $700 billion (roughly Rs. 52.89 lakh crores), ADIA is chaired by the president of the United Arab Emirates, Sheikh Khalifa bin Zayed al-Nahyan, while its deputy chairman is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.

With more than 376 million users, Jio Infocomm is India’s biggest telecoms firm by subscribers. Since entering the market in 2016 with free voice service and cut-price data it has forced out several rivals and driven consolidation in the sector.

Ambani has always pitched Jio as a tech company instead of a traditional mobile carrier, often saying publicly that ‘data is the new oil’.

© Thomson Reuters 2020

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