Jio Platforms’ hot streak of investment continues, with Microsoft reportedly in talks to buy a 2.5% stake for US$2 billion.
The US-based firm has worked with Reliance Industries in the past, with the firms pledging last year to extend Microsoft Azure cloud services to Indian tech startups and SMEs by 2021. Additionally, the companies offered free connectivity via mobile operator Reliance Jio.
However, the deal is not agreed, and India’s Economic Times reported that Microsoft has expressed its interest in digital payments services to a number of potential partners. If a deal is reached, it would be Jio Platforms’ sixth largest investment.
The digital unit of Reliance Industries has recently accrued investment worth over $12.3 billion from five foreign-owned firms: Facebook, Silver Lake, Vista Equity Partners, General Atlantic, and KKR.
Interest in the unit may not be limited to US-based firms. The Economic Times reports that Abu Dhabi-based Mubadala Investment Company is also in talks over a potential $1 billion investment in Jio Platforms, although the companies have not confirmed any further details.