ABU DHABI — Jio Platforms, India’s leading digital services platform and a wholly-owned subsidiary of Reliance Industries, announced on Thursday that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest $1.2 billion (AED4.4bn) in Jio Platforms at an equity value of $65 billion (AED239bn) and an enterprise value of $68 billion (AED250bn). Mubadala’s investment will translate into a 1.85 percent equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised $11.6 billion (AED43bn) from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks. Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said: "We are committed to investing in, and actively working with, high growth companies which are pioneering technologies to address critical challenges and unlock new opportunities. We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India"s digital growth journey. With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy." Jio Platforms is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain. Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: "I am delighted that Mubadala, one of the most astute and transformational global growth investors, has decided to partner us in our journey to propel India’s digital growth toward becoming a leading digital nation in the world. Through my longstanding ties with Abu Dhabi, I’ve personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefitting from Mubadala’s experience and insights from supporting growth journeys across the world." Mubadala invests and partners to advance Abu Dhabi’s diversified, globally integrated economy across sectors that are driving global growth and addressing critical challenges. A significant aspect of this mandate is transformative information and communications technology investments which include cognitive computing, ICT infrastructure, telecoms, and satellite operations. To further its commitment to innovation and technology, Mubadala established its Ventures arm in 2017 to partner early with visionary founders and support innovative businesses. Mubadala’s Ventures business currently manages a number of venture funds in the US, Europe and Middle East. Today, Mubadala’s portfolio spans advanced manufacturing, semiconductors, metals & mining, pharmaceutical and medical technology, renewable energy and utilities, and the management of diverse financial holdings. The transaction is subject to regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners, and Davis Polk & Wardwell acted as legal counsel. — WAM