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Abu Dhabi state fund in talks to invest $1 billion in Jio Platforms – sources

Commuters are reflected on an advertisement of Reliance Industries’ Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade/Files

NEW DELHI – Abu Dhabi state fund Mubadala Investment Company is in talks to invest about $1 billion in Reliance Industries’ digital unit Jio platforms, three sources said on Thursday.

Jio Platforms, which houses music and movie apps as well a Reliance’s telecoms venture Jio Infocomm, has secured a massive $10 billion from investors including Facebook Inc within a month.

Reliance did not immediately respond to a request for comment.

“Clearly Jio’s platform is attracting a wide range of world-class investors, given its enormous potential to serve one of the world’s largest marketplaces,” Mubadala said in an email to Reuters.

Reuters

May 28, 2020

Reporting by Sankalp Phartiyal in New Delhi, Saeed Azhar in Dubai and Sumeet Chatterjee in Hong Kong; Editing by David GoodmanOur Standards:The Thomson Reuters Trust Principles.

https://in.reuters.com/article/reliance-investment/abu-dhabi-state-fund-in-talks-to-invest-1-billion-in-jio-platforms-sources-idINKBN2341DN

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