Mubadala Eyeing More Tech Investments After Jio Platforms Stake

Mubadala Investment Co. is planning more exposure to technology after the Abu Dhabi fund took a $1.2 billion stake in India’s Reliance Industries Ltd.’s Jio Platforms.

Technology, in particular med-tech, venture and the broad technology sphere, is “the place to go”, chief executive officer Khaldoon Al Mubarak said during a virtual Bloomberg Invest Global conference on Monday. “We need to be much more exposed to technology in all its facets. We’re on the right track.”

Mubadala this month joined other regional sovereign wealth funds and other high-profile global investors in pouring billions of dollars into the telecommunications and digital services business controlled by Indian billionaire Mukesh Ambani.

The $232bn fund - one of the world’s biggest - is ready to use its growing cash pile to buy more stocks and make other equity investments, possibly in the US, Saeed Al Mazrouei, deputy chief financial officer and head of mergers and acquisitions at the Abu Dhabi-based firm, said earlier this month.

Mubadala is looking at India, China and Southeast Asia for possible investments, Al Mubarak said.