India’s biggest conglomerate, Reliance Industries Is getting An AED 3.1 Billion($850m) Investment by the UAE’s investment counterpart, Mubadala, with a 1.4% equity stake in the multinational.
AED 3.1 Billion investment
Reliance Industries Limited stormed headlines last July after making a line-up of huge announcements at its Annual General Meeting, from partnering with Google in developing entry-level 4G and 5G smartphones, to developing its own 5G network and expanding the JioMart.
Most importantly, Reliance announced its investors featuring tech moguls and big corporations, including Facebook’s $5.7 billion (AED20.9b) investment, Silver Lake Partners investing $1 billion (AED 3.7b), General Atlantic investing $873 million (AED 3.2b) and many more companies forming a combined total of 20% stake with a $12.5 billion (AED 46b) investment.
Mubadala joins forces with Reliance after AED 3.1 billion investment
In a series of tweets, Mubadala confirmed investing AED3.1 billion in Reliance Industries, gaining a 1.4% equity stake. It’s their second-biggest investment in the Mukesh Ambani-owned conglomerate following an AED 4.4 billion ($1.2b) investment in Jio Platforms in early 2020.
“I am happy to welcome Mubadala as a valued investor in Reliance Retail Ventures. We value the partnership with a knowledge-rich organization like Mubadala and acknowledge their confidence in our mission to strengthen the core of India’s retail sector – the millions of small retailers, merchants and shopkeepers – through the power of technology. Mubadala’s investment and guidance will be an invaluable support in this journey.”
Mukesh Ambani, Chairman and Managing Director of Reliance Industries
“We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures. Their vision is the inclusive transformation of India’s consumer economy through the power of digitization, creating opportunities and market access for millions of small businesses across the country, and we are committed to supporting the company’s continuing development.”
Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company
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(Featured photograph credit: Mubadala)
