Reliance Industries has raised a further $2.5 billion for its Jio Platforms business from a trio of foreign investment groups.
On Sunday, the company revealed that the Abu Dhabi Investment Authority had paid $750 million for a 1.16% stake in the broadband internet and media operation.
That followed a $1.2 billion commitment from Mubadala, another Abu Dhabi government fund, and an additional $600 million from previously committed U.S. investor Silver Lake. The top up lifts Silver Lake’s holding to 2.1%. Earlier, Facebook bought a 9.9% stake.
The latest deals were struck at an enterprise value of $65 billion, Reliance Industries said. They lift to $13 billion the amount of external capital that the platform has raised, which will help Reliance Industries reduce its debt burden.
Launched only in 2016, Jio now claims some 388 million subscribers in India. In that short time, it has transformed the mobile telecoms and internet supply business, and changed the pay-TV market. With fast internet now available across the country, OTT businesses such as video and music streaming have been able to boom.
“The rapid growth of the business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution. Our investment in Jio is a further demonstration of ADIA’s ability to draw on deep regional and sector expertise to invest globally in market leading companies and alongside proven partners,” said ADIA’s Hamad Shahwan Aldhaheri.