His tech company, Jio Platforms, announced on Friday that it would get nearly 91 billion rupees ($ 1.2 billion) from Mubadala Investment Company for a 1.85% stake in the business.
This brings the proceeds of the latest billionaire collection to 877 billion rupees ($ 11.6 billion) so far, marking the company’s sixth investment in less than two months.
“I am delighted that Mubadala, one of the most growing and transforming investors in the world, has decided to participate [with] “On our journey to drive India’s digital growth,” Ambani said in a statement on Friday.
Geo is part of the Ambani, Reliance Industries bloc. It includes Reliance Jio, India’s largest mobile network, with over 388 million subscribers. Jio also has an ecosystem of apps, offering these millions of mobile users everything from grocery shopping online, to digital payments, to video streaming.
Meanwhile, Mubadala holds a $ 229 billion portfolio, with bets in the areas of technology, energy, mining, aerospace, real estate and healthcare.
“We have seen how Jio has already transformed communications and communication in India,” Khaldoun Al Mubarak, managing director and CEO of Mubadala, said in a statement.
Ambani said at a shareholder meeting last year that he wanted Reliance Industries to become a “company without net debt” by March 2021. As of March 2020, Reliance had about $ 44 billion in debt on its books.
In April, Reliance Industries said it was ahead of schedule and would achieve its debt target by the end of the year.