Day: June 8, 2020
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 arm Jio Infocomm and its music and video streaming apps, gives the unit an enterprise value of Rs. 5,16,000 crores, Reliance said in a regulatory filing.
Reliance, controlled by India’s richest man Mukesh Ambani, has now sold just over 21 percent of Jio Platforms to investors including Facebook, securing nearly $13 billion (Rs. 97,885.65 crores in India) in less than seven weeks.
“The rapid growth of the (Jio) business, which has established itself as a market leader in just four years, has been built