His technology company Jio Platforms announced on Friday that it is receiving approximately 91 billion rupees ($ 1.2 billion) from Mubadala Investment Company in exchange for a 1.85% stake in the business.
That leads to the billionaire’s recent fundraising at 877 billion rupees ($ 11.6 billion) so far, the company’s sixth major investment in less than two months.
“I am delighted that Mubadala, one of the tastiest and most transformative investors for global growth, has decided to partner [with] us on our way to boost India’s digital growth, ”Ambani said on Friday.
Jio is part of Ambani’s broader conglomerate Reliance Industries. It includes Reliance Jio, India’s largest mobile network with more than 388 million subscribers. Jio also has an app ecosystem, offering those millions of mobile users everything from online grocery shopping, digital payments, to video streaming.
Mubadala, meanwhile, has a portfolio worth $ 229 billion and bets on technology, energy, mining, aviation, real estate and healthcare.
“We have seen how Jio has already transformed communication and connectivity in India,” said Khaldoon Al Mubarak, CEO and Director of Mubadale.
Ambani said at a shareholders ’meeting last year that he wants Reliance Industries to become“ zero net debt ”by the end of March 2021. As of March 2020, Reliance had about $ 44 billion in debt according to its books.
In April, Reliance Industries announced it was ahead of schedule and would reach zero debt target by the end of the year.