Abu Dhabi state fund Mubadala is in talks with Reliance Industries about investing around $1 billion (roughly Rs. 7,576 crores) in the Indian conglomerate’s Jio platforms, three sources told Reuters. Twitter is separately also in talks with Mumbai-based Reliance to invest more than $1 billion (roughly Rs. 7,576 crores) in the digital startup, which houses music and movie apps as well its telecoms venture Jio Infocomm, another source added on Thursday.
“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, without confirming whether or not talks were taking place.
Due diligence on a potential transaction with Reliance was already underway, one of the sources said.
If it goes ahead, the Jio Platforms investment would be the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu