India’s leading Oil company Reliance Industries said that its telecom unit Reliance Jio raises $1.2 billion from Abu Dhabi state fund Mubadala Investment Co for 1.85% stake.
This is the sixth funding of Reliance Jio in six weeks. Reliance has now sold a combined 19% interest in Jio Platforms.
With this sixth funding including a 9.99% stake sale to Facebook Inc for $5.7 billion, Reliance will clear its 86 percent debt.
Pixr8 News earlier announce that Reliance jio is in talks with Abu Dhabi based fund to further dilute its equity to raise more funds. All other funding details of Reliance Jio can find here.
Mubadala owns electronic chip manufacturing company Global Foundries and has stake in several technology companies like AMD.
“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 Investment Company managing director and Group CEO Khaldoon Al Mubarak said.