(Bloomberg) —
Abu Dhabi Investment Authority will invest $752 million in Reliance Industries Ltd.’s digital arm, becoming the second fund from the emirate to invest in billionaire Mukesh Ambani’s online business.
The investment will translate into a 1.16% equity stake in Jio Platforms Ltd. on a fully diluted basis, according to a statement. Morgan Stanley acted as financial adviser to Reliance Industries and AZB & Partners, and Davis Polk & Wardwell acted as legal counsel.
State-owned ADIA follows a $1.2 billion investment by Abu Dhabi’s Mubadala Investment Co. in Jio Platforms. The sovereign wealth fund also joins a roster of marquee investors that have piled into the business.
The digital unit has now raised about $12 billion in less than six weeks from a lineup of buyers including Facebook Inc. and U.S. buyout firm KKR & Co.
Read more:
- Asia’s Richest Man Takes on Comeback Kid After Wireless War
- Ambani’s Jio Platforms Sells $1.2 Billion Stake to Mubadala
- Silver Lake Invests Another $602 Million in Reliance’s Jio
- Mukesh Ambani Won the World’s Most Expensive Sibling Rivalry
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