By P.R. Venkat

A unit of the state-owned Abu Dhabi Investment Authority has agreed to invest 56.84 billion rupees ($752.67 million) in Jio Platforms, making it the second middle-eastern firm to do so within a week.

The investment will give ADIA a 1.16% equity stake in the Indian technology and telecommunications giant, giving Jio an equity value of INR4.91 trillion, Jio owner Reliance Industries said late Sunday.

Last week, Abu Dhabi-based sovereign investor Mubadala Investment Co. agreed to invest INR90.90 billion rupees for a 1.85% stake in Jio.

In the past several weeks, Jio has raised INR978.86 billion from leading technology and private equity firms. These investors include Facebook Inc., Silver Lake, Vista Equity Partners, KKR & Co. and General Atlantic LLC.

Reliance has spent more than $30 billion building upstart mobile operator, Reliance Jio Infocomm Ltd., which is part of Jio Platforms. Reliance has said it is aiming for it to be net debt-free by next year.

Jio has attracted more than 388 million subscribers with inexpensive mobile-data plans and is now moving into e-commerce, as legions of people in the country of 1.3 billion begin transacting online for the first time.

"Our investment in Jio is a further demonstration of ADIA's ability to draw on deep regional and sector expertise to invest globally in market leading companies and alongside proven partners," said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA.

Reliance, which is controlled by India's richest man, Mukesh Ambani, has investments spanning across media, retail and natural resources.

Morgan Stanley advised Reliance on the deal. 



  Write to P.R. Venkat at venkat.pr@wsj.com