Abu Dhabi-based sovereign firm Mubadala has become the latest investor in Mukesh Ambani’s Reliance Jio Platforms, joining five American firms including Facebook and Silver Lake that have secured stakes in India’s biggest telecom operator at the height of a once-in-a-century global pandemic.

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

A subsidiary of Reliance Industries, the most valued firm in India whose core businesses are in oil refining and petrochemicals, Reliance Jio Platforms has raised $ 11.5 billion by selling 19% stake in 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, said in a statement.

The announcement today further shows the appeal of Jio Platforms to foreign investors that are looking for a slice of the world’s second-largest internet market. Media reports have claimed in recent weeks that Amazon is considering buying stakes worth at least $ 2 billion in Bharti Airtel, India’s third-largest telecom operator, while Google has held talks for a similar deal in Vodafone Idea, the second largest telecom operator.

India has emerged as one of the biggest global battlegrounds for Silicon Valley and Chinese firms that are looking to win the nation’s 1.3 billion people, most of whom remain without a smartphone and internet connection.

Khaldoon Al Mubarak, managing director and group chief executive of Mubadala Investment Company, said, “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 assets, is also an investor in AMD and Alphabet’s Waymo, and SoftBank.

The new capital should help Ambani, India’s richest man, further solidify his commitment to investors when he pledged to cut Reliance’s net debt of about $ 21 billion to zero by early 2021 — in part because of the investments it has made to build Jio Platforms, said Mahesh Uppal, director of Com First, a communications consultancy.

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

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