Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority will buy 1.16per cent of its digital unit Jio Platforms for 56.83 billion rupees .
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 21per cent of Jio Platforms to investors including Facebook Inc, securing nearly US$13 billion in less than seven weeks.
"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," Hamad Shahwan Aldhaheri, executive director in ADIA's private equities department, said in a statement.
Source: News Formal (newsformal.com)
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