Indian oil and telecoms giant Reliance Industries Ltd (RELI.NS) announced on Friday that Abu Dhabi state fund Mubadala Investment Co would buy a 1.85% stake in its digital unit, Platforms, for 90.93 billion rupees ($1.21 billion).

Reliance has now contracted a combined 19% interest in Jio Platforms, which includes movies, music apps, and telecoms venture Jio Infocomm in six fundraising agreements, including a 9.99% stake deal with Facebook Inc (FB.O) for $5.7 billion.

The investment in Jio Platforms highlights its potential to enhance the dominant player in India’s digital economy. The telecoms unit has now decimated several rivals with cut-throat pricing and is counting on Reliance’s retail web to extend into e-commerce.

The most significant investment in the Jio platform is by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.

Jio said in a statement

“With this investment, Jio Platforms has raised Rs. 87,655.35 crores from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners), General Atlantic, KKR, and Mubadala in less than six weeks,”

Morgan Stanley served as a financial adviser to Reliance Industries, the company said in a statement.


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