Abu Dhabi state fund - Mubadala and Reliance Industries in talks to invest $1 bn in Jio Platforms
As per news source, Mubadala, the Abu Dhabi state fund and Reliance Industries are in talks regarding an investment of around $1 billion in Jio platforms.
The solical media platform, Twitter is also in talks with Reliance to invest over $1 billion in the digital startup, which houses music and movie apps as well its telecoms venture Jio Infocomm, another source said, as mentioned by the news source.
"Clearly Jio's platform is attracting a wide range of world-class investors, given its enormous potential to serve one of the world's largest marketplaces," Mubadala said in an email, without confirming whether or not talks were taking place.
Due diligence on a potential transaction with Reliance was already underway, one of the sources said.
If it goes ahead, the Jio Platforms investment would be the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.
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