Mubadala which is an Abu Dhabi based sovereign company became partners with India's most trusted company none other than Mukesh Ambani's Reliance Jio
Mubadala which is an Abu Dhabi based sovereign company became partners with India’s most trusted company none other than Mukesh Ambani’s Reliance Jio. Not to mention this type of business deals are not new for either India or Reliance. Five other American firms have also done successful business in India before including Facebook and Silver Lake. All of the businesses earlier were all successful and was worth a lot more than a fortune.
The Managing director and group chief executive of Abu Dhabi based investment company Mubadala recently said in an interview that they have seen how quickly Reliance
Jio took over India’s communication and network market. He also added that as a good wisher of India and Investors of Reliance Jio they are devoted to supporting India’s digital growth. Mr. Khaldoon Al Mubarak also added that they believe with the pace Jio is proceeding its business soon will add more value to India’s growth of Digital economy.
On the other hand, in a recent interview, the CEO and chairperson of Reliance Jio Mr. Mukesh Ambani stated that they have done business with Mubadala before also. He added more that he and his company has witnessed the way Mubadala always step ahead to help the world with their knowledge and insight into the digital niche. And how they can benefit from the help of their new investors.
India’s Reliance Jio has World’s second-largest internet market. And it is India’s no. 1 digital and internet connection providing company. India is one of the most important battlegrounds for Silicon Valley and Chinese firms who are willing to win the hearts of the nation’s 1.3 billion people. But India is a country in which most of the population don’t have access to good connectivity or internet. That’s why Reliance Jio took the responsibility to provide a good connection and internet to every corner of India.
Mubadala has assets worth more than $229 billion all around the world. Abu Dhabi’s Mubadala has also invested in other big companies such as the AMD, Alphabet’s Waymo and Softbank. This investment will help Mukesh Ambani India’s richest man to pledge cut their debt of around $21 billion to zero by earlier next year. Mahesh Uppal who is the director of a communication consultancy said that this deal is like an added feather to Jio’s crown.
Jio’s growth is very important right now as Reliance’s core business which is oil refining and petrochemicals are at a big loss of nearly 37% of its net worth because of the Covid-19 pandemic.