Abu Dhabi-based sovereign firm Mubadala has turn out to be the newest investor in Mukesh Ambani’s Reliance Jio Platforms, joining 5 American corporations together with Facebook and Silver Lake which have secured stakes in India’s largest telecom operator on the peak of a once-in-a-century world pandemic.

Mubadala stated it had agreed to take a position $1.2 billion in Reliance Jio Platforms for a 1.85% stake within the firm. The deal valued the Indian telecom operator, which launched within the second half of 2016, at $65 billion.

A subsidiary of Reliance Industries, probably the most valued firm in India whose core companies are in oil refining and petrochemicals, Reliance Jio Platforms has raised $11.5 billion by selling 19% stake within the last seven weeks.

“Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefitting from Mubadala’s experience and insights from supporting growth journeys across the world,” Mukesh Ambani, the chairman and managing director of Reliance Industries, stated in an announcement.

The announcement immediately further reveals the attraction of Jio Platforms to overseas traders which might be in search of a slice of the world’s second-largest internet market. Media reviews have claimed in recent weeks that Amazon is considering shopping for stakes worth a minimum of $2 billion in Bharti Airtel, India’s third-largest telecom operator, whereas Google has held talks for a similar deal in Vodafone Idea, the second largest telecom operator.

India has emerged as one of many largest international battlegrounds for Silicon Valley and Chinese corporations that wish to win the nation’s 1.3 billion individuals, most of whom stay with no smartphone and internet connection.

Khaldoon Al Mubarak, managing director and group chief executive of Mubadala Investment Company, stated, “We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey. With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy.”

Mubadala, which has more than $229 billion in belongings, is also an investor in AMD and Alphabet’s Waymo, and SoftBank.

The new capital ought to assist Ambani, India’s richest man, further solidify his dedication to traders when he pledged to chop Reliance’s net debt of about $21 billion to zero by early 2021 — partly because of the investments it has made to construct Jio Platforms, stated Mahesh Uppal, director of Com First, a communications consultancy.

Its core enterprise — oil refining and petrochemicals — has been hard hit by the coronavirus outbreak. Its net revenue within the quarter that ended on March 31 fell by 37%.

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