Its technology company Geo Platforms announced on Friday that it was receiving about 91 billion rupees (২ 1.2 billion) in exchange for a 1.75% equity share of Mubadala Investment Company’s business.
This brings the billionaire’s recent fundraising to 87 877 billion (.6 11.6 billion) so far, marking the company’s sixth-largest investment in less than two months.
“I am delighted that Mubadala, one of the smartest and most transformative global growth investors, has decided to become a partner. [with] In a statement on Friday, Ambani said, “We are on our journey to accelerate our digital growth in India.
Reliance Industries is part of Geo Ambani’s extensive company. This includes Reliance Jio, India’s largest mobile network with over 388 million subscribers. Geo has an ecosystem of apps that provide millions of mobile users with everything from online grocery shopping to digital payments, to video streaming.
Mubadala’s portfolio is ২ 299 billion, with bets on technology, energy, mining, aerospace, real estate and healthcare.
Khaledun Al Mubarak, managing director and chief executive officer of Mubadala, said in a statement, “We have seen how Geo has already reshaped communications and communications in India.”
At a meeting of shareholders last year, Ambani said he wanted Reliance Industries to become a “zero net debt company” by March 2021. As of March 2020, Reliance had a debt of about বিল 44 billion on books.
In April, Reliance Industries said it would achieve its zero debt target before and at the end of the year.