Mumbai: Abudabi’s investment company Mubadala will take a 1.85 percent equity stake in the conglomerate’s digital unit, until Jio Platforms Rs. 9,093.60 crore, said Reliance Industries on Friday.

According to the Reliance press statement released on Friday, the investment company is funding in Reliance Industries Telecom Arm, Reliance Jio Infocomm, comes at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs. 5.16 Lakh Crore. Abudabi based Sovereign investor Mubadala investments follows Jio’s deals with face book, silver lake and general Atlantic in the past few weeks.

Reliance Jio Infocomm – which started in 2016 – has already decimated several rivals with cut-throat pricing and is counting on Reliance Industries’ retail network to expand into e-commerce. It provides telecom and digital services under brand Jio, and a connectivity platform to more than 38.8 crore subscribers. Reliance Industries shares rose as much as 2.39 per cent to touch a record high of Rs 1,617.70 apiece on Friday. At 10:13 am, the RIL stock was up 0.73 per cent at Rs 1,591.45, outperforming the benchmark Sensex index which was up 0.41 per cent.

“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 towards becoming a leading digital nation in the world,” said Mukesh Ambani, chairman and managing director, Reliance Industries. Abu Dhabi’s state-run Mubadala Investment Company is a sovereign investor managing a global portfolio to generate financial returns. It is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.