His technology company, Jio Platforms, announced on Friday that it will receive approximately Rs 91 crore ($1.2 billion) in compensation from Mubadala Investment Company in exchange for a 1.85% stake in the company.
So far, this has brought the billionaire’s recent fundraising to a total of 87,700 crore ($11.6 billion), marking the company’s sixth major investment in less than two months.
“I am pleased that Mubadala is one of the most sensitive and transformative growth investors in the world and has decided to [with] We are advancing on the road of promoting digital development in India. “
Jio is part of Ambani’s large conglomerate Reliance Industries. It includes Reliance Jio, India’s largest mobile network, with more than 388 million users. Jio also has an application ecosystem that provides millions of mobile users with everything from online grocery shopping, digital payment to video streaming.
At the same time, Mubadala has a portfolio of US$229 billion, betting on technology, energy, mining, aerospace, real estate and healthcare.
Khaldoon Al Mubarak, managing director and chief executive officer of Mubadala, said in a statement: “We have seen how Jio has changed India’s communications and connectivity.”
Ambani said at last year’s shareholders meeting that he hopes Reliance Industries to become a “zero net debt company” by March 2021. As of March 2020, Reliance’s debt was approximately $44 billion.
In April, Reliance Industries stated that it completed its plan ahead of schedule and will achieve its zero debt target by the end of this year.