Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, will pump Rs 5,683.5 crore into Jio Platforms joining a posse of A-list global tech investors that have spent millions of dollars on the Reliance Industries unit due to its unique potential to dominate India’s booming digital economy.The decision by ADIA, a globally-diversified investment institution, in exchange for a 1.16 percent stake, is an unprecedented eighth investment in Jio Platforms in less than seven weeks and marks the largest continuous fundraising action by a company anywhere in the world. RIL, the oil-to-retail-to-telecom conglomerate, has now sold a little over 21 percent stake in Jio Platforms through a flurry of fundraising deals and raised as much as Rs 97,885.65 crore, or $12.96 billion.Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted that ADIA, with its track record of more than four decades of successful long-term value investing across the world, is partnering with Jio Platforms in its mission to take India to digital leadership and generate inclusive growth opportunities. This investment is a strong endorsement of our strategy and India’s potential.”Close Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said, “Our investment in Jio… Read full this story
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