UAE fund eyes $1 bn stake in Jio

MUMBAI: Abu Dhabi-based sovereign fund manager Mubadala Investment Co. is in talks for a potential investment of about $1 billion in Reliance Industries Ltd’s (RIL’S) digital assets subsidiary Jio Platforms Ltd, said two people aware of the development.

“The talks between RIL and Mubadala Investment have been happening over the past few days. Mubadala is keen to buy a little more than 1% in Jio Platforms. The deal is likely to happen at a valuation of close to ₹5 trillion, which is similar to what has been estimated by the deals agreed upon between Jio and Silver Lake and Vista Equity Partners,” said one of the persons cited above.

“Clearly, Jio’s platform is attracting a wide range of worldclass investors, given its enormous potential to serve one of the world’s largest marketplaces,” said Mubadala, according to Reuters, which first reported the news earlier on Thursday.

On Thursday, Mint reported that Microsoft Corp. is also negotiating an investment of as much as $2 billion in Jio Platforms.