From the past few weeks, Reliance Industries Jio Platforms Limited, one of the leading digital services platforms in India, has been luring investors across the globe. After successfully raising considerable money from several investors including Silver Lake, Facebook, General Atlantic, and Vista Equity Partners, the Indian digital giant is currently in talks with Abu Dhabi state fund Mubadala about investing approximately USD 1 billion in its Jio platforms.
Commenting on which, Mubadala said in an e-mail statement that the companys digital wing is attracting a wide range of top-notch investors, given its exceptional potential to cater to one of the largest marketplaces in the world. However, the Mubadala did not confirm anything about the deal.
Reliable sources confirmed that due diligence on a potential deal with Jio Platforms Limited was underway. If the deal takes place, the investment would be the biggest by Mubadala in an Indian company. It is one of the leading state investors in Abu Dhabi that manages around USD 240 billion in assets.
Sources familiar with matter cite that Twitter is also in talks with Reliance to invest over USD 1 billion in its digital wing. Previously Jio Platforms Limited was successful in sailing 2.32% stake to American private equity giant KKR for USD 1.5 billion. Mukesh Ambani, the MD, and Chairman of Reliance Industries said that the company looks forward to leveraging KKRs industry knowledge, operational expertise, and global platform to further expand Jio.
For the record, Jio Platforms operates Indias leading telecom venture named Jio Infocomm. Moreover, the company owns several digital apps and services including music streaming services JioSaavn, Video streaming platform JioTV, and payment app JioMoney as well as broadband and smartphone services. The company is also planning to launch its online retail business under the brand name JioMart in forthcoming time.