A woman rides her scooter past advertisements of Reliance Industries’ Jio telecoms unit, in Ahmedabad, India, July 5, 2018. REUTERS/Amit Dave
NEW DELHI (Reuters) – Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16% of its digital unit Jio Platforms for 56.83 billion rupees ($752 million).
ADIA’s investment in Jio Platforms, which comprises Reliance’s telecoms arm Jio Infocomm and its music and video streaming apps, gives the unit an enterprise value of 5.16 trillion rupees, Reliance said in a regulatory filing.
Reliance, controlled by India’s richest man Mukesh Ambani, has now sold just over 21% of Jio Platforms to investors including Facebook Inc, securing nearly $13 billion in less than seven weeks.
On Friday, Abu Dhabi’s state fund Mubadala Investment Co announced it would purchase a 1.85% stake in Jio Platforms for 90.93 billion rupees.
“The rapid growth of the (Jio) business, which has…
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