Reliance Industries Limited (“Reliance Industries”) and “Geo Platforms Limited” (“Geo Platforms”), India’s leading digital services platform, announced that Mubadala Investment Company “Mubadala”, the Abu Dhabi-based sovereign investment fund, will invest $ 1.2 billion (AED 4.4 billion) in Geo Platforms, based on a share value equivalent to $ 65 billion (AED 239 billion) and an estimated value of the facility at $ 68 billion (AED 250 billion). In exchange for this investment, Mubadala will receive a 1.85% stake in Geo Platforms on a fully diluted basis.


With this investment, Geo Platforms raised $ 11.6 billion (43 billion dirhams) from some of the world's leading technology and growth investors, including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala, in Less than six weeks.


Geo Platforms, wholly owned by Reliance Industries, is a platform for the next generation of technology focused on providing high quality digital services at affordable prices across India, providing services to more than 388 million subscribers. Geo Platforms has invested heavily in its digital ecosystem that uses leading-edge technologies in broadband communications, smart devices, cloud computing and edge computing, big data analysis, artificial intelligence, the Internet of things, augmented and mixed reality, and blockchain technology. The vision of "GEO" is to activate a digital platform that serves 1.3 billion people and businesses across India, including small merchants, small enterprises and farmers so that they can all reap the benefits of comprehensive development.


"I am delighted that Mubadala, which is one of the leading established global investment companies, has decided to join us in our journey to promote digital growth in India so that it becomes at the forefront of digital countries worldwide," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries, Mukesh Ambani. Through my close links with Abu Dhabi, the impact of Mubadala in diversifying the UAE’s knowledge-based economy and linking it with the global economy. We look forward to benefiting from Mubadala's experience and expertise in supporting the growth process of companies around the world. ”


For his part, the group’s CEO and managing director of Mubadala Investment Company Khaldoon Khalifa Al Mubarak said: “We are committed to investing in leading technology companies that are experiencing significant growth, and working with them effectively, with a view to meeting major challenges and creating new opportunities. We have seen how they managed.” Geo “Achieving a quantum leap in telecommunications services in India, and we as investors and partners with them are committed to supporting the march of digital growth in India. Thanks to the network of investors and partners working with Geo, we are confident that the company will contribute to the progress and development of the digital economy.”


Mubadala is keen to invest and enter into partnerships in order to contribute to the diversification of the Abu Dhabi economy and its integration with the global economy, through sectors that drive global growth and contribute to reducing the major challenges facing the world. This includes, to a large extent, shifts in the information and communications technology sectors, including cognitive computing, information and communications technology infrastructure, and communications and satellite operations.


As part of its commitment to invest in innovation and technology, in 2017 Mubadala created a unit to invest in startups with the goal of entering into early partnerships with ambitious and visionary business founders and supporting innovation-based investments. This unit currently manages several emerging investment funds in the United States, Europe and the Middle East.


Mubadala currently has an investment portfolio in a variety of areas including advanced industries, semiconductors, metallurgy and mining, pharmaceuticals and medical technology, clean energy and utilities, and management of a variety of financial investments.


The deal is subject to the approval of the relevant regulatory authorities.


Morgan Stanley acted as financial advisor to Reliance Industries, while AZB & Partners and Davis Polk & Wardwell acted as legal advisor.

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