His tech company, Jio Platforms, announced Friday that it is getting roughly 91 billion rupees ($1.2 billion) from Mubadala Investment Company in exchange for a 1.85% equity stake in the business.
That brings the billionaire’s recent fundraising tally to 877 billion rupees ($11.6 billion) so far, marking the company’s sixth big investment in less than two months.
“I am delighted that Mubadala, one of the most astute and transformational global growth investors, has decided to partner [with] us in our journey to propel India’s digital growth,” Ambani said in a statement Friday.
Jio is part of Ambani’s sprawling conglomerate, Reliance Industries. It includes Reliance Jio, India’s biggest mobile network with more than 388 million subscribers. Jio also has an ecosystem of apps, offering those millions of mobile users everything from online grocery shopping, to digital payments, to video streaming.
Mubadala, meanwhile, has a portfolio worth $229 billion, with bets in tech, energy, mining, aerospace, real estate and health care.
“We have seen how Jio has already transformed communications and connectivity in India,” Khaldoon Al Mubarak, managing director and CEO of Mubadala, said in a statement.
Ambani said at a shareholders meeting last year that he wants Reliance Industries to become a “zero net debt company” by March 2021. As of March 2020, Reliance had about $44 billion of debt on its books.
In April, Reliance Industries said it is ahead of schedule and will achieve its zero debt target by the end of the year.