Sovereign wealth fund, Abu Dhabi Investment Authority, is now all set to invest $750 million in the Jio Platforms, the telecom subsidiary of diversified conglomerate Reliance Industries.
ADIA will hold around 1.16% stake in the company on completion of the deal, said the announcement.
The funding is secured at a valuation similar to the earlier deals, an equity valuation of $65 billion and an enterprise value of $68.3 billion.
“The rapid growth of the business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution. Our investment in Jio is a further demonstration of ADIA’s ability to draw on deep regional and sector expertise to invest globally in market-leading companies and alongside proven partners,” Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA, said.
