Abu Dhabi-based sovereign firm Mubadala has become the latest investor in Mukesh Ambani’s Reliance Jio Platforms, joining five American firms including Facebook and Silver Lake that have secured stakes in India’s biggest telecom operator at the height of a once-in-a-century global pandemic.
Mubadala said it had agreed to invest $1.2 billion in Reliance Jio Platforms for a 1.85% stake in the firm.
The deal valued the Indian telecom operator, which launched in the second half of 2016, at $65 billion.
A subsidiary of Reliance Industries, the most valued firm in India whose core businesses are in oil refining and petrochemicals, Reliance Jio Platforms has raised $11.5 billion in the last seven weeks.
Media reports have claimed in recent weeks that Amazon is considering buying stakes worth at least $2 billion in Bharti Airtel, India’s third-largest telecom operator, while Google has held talks for a similar deal in Vodafone Idea, the second largest telecom operator.