Abu Dhabi and Saudi groups slated to invest about $1 billion into
Jio Platforms Ltd, says report.
Three leading
Middle Eastern sovereign wealth funds are in advanced talks to invest in Reliance
Industries Ltd.’s digital arm, Bloomberg News reported quoting unnamed
sources.
Abu Dhabi’s Mubadala Investment Co. is slated to invest about $1 billion into Jio Platforms Ltd. and an announcement could come as soon as this week, said the news agency, following similar reports last week. Reliance, backed by India’s richest man Mukesh Ambani, is also in discussions with Abu Dhabi Investment Authority and Saudi Arabia’s The Public Investment Fund.
Jio Platforms,
which houses music and movie apps as well a Reliance's telecommunication
venture Jio
Infocomm, has secured a massive $10 billion from investors including
Facebook Inc in May.
Reliance and its
subsidiaries have invested over $2 billion in its four-pronged strategy to
become a technology powerhouse, Business Standard reported on Monday.
The strategy
includes spending over $1.6 billion on buying stakes in 24 tech firms across
the US, UK, and India; winning 30 US patents out of the 53 it applied for,
mostly in telecom and radio communications; and developing in-house tech in
artificial intelligence, machine learning, block chain, virtual reality, big
data, and 5G. Also, the ‘Gennext’ programme is providing venture capital
support and mentoring to 150-odd companies across fields ranging from finance
and retail to e-procurement, logistics, non-invasive testing of fruit quality,
and delivering Indian products to global consumers, among others.
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