Saudi Arabia's PIF Invests Rs 11,367cr in Jio Platforms For 2.32% Stake: Everything to Know

Saudi Arabia's PIF Invests Rs 11,367cr in Jio Platforms For 2.32% Stake: Everything to Know

The Jio Platforms-PIF deal marks the 11th investment in the company, which has now raised Rs 1,15,693.95 crore by selling 24.7 percent stake.

  • News18.com
  • Last Updated: June 18, 2020, 8:13 PM IST
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Reliance Industries Limited has confirmed that Saudi Arabian sovereign wealth fund PIF has invested Rs 11,367 crore in Jio Platforms. This becomes the 11th investment in Jio Platforms in less than two months. PIF’s investment in Jio Platforms will see the investment fund pick up a 2.32 percent stake in Jio Platforms. With this investment, Jio Platforms has raised Rs 1,15,693.95 crore from leading global investors by selling 24.7 percent of the company. The list of investors has included Facebook, Silver Lake, Vista Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.

Commenting on the deal with PIF, Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said, “We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From Oil Economy, this relationship is now moving to strengthen India’s New Oil (Data-driven) Economy, as is evident from PIF’s investment into Jio Platforms. I have greatly admired the defining role PIF has played in driving the economic transformation of the Kingdom of Saudi Arabia. I welcome PIF as a valued partner in Jio Platforms and look forward to their sustained support and guidance as we take ambitious steps to accelerate India’s digital transformation for enriching and empowering the lives of 1.3 billion Indians.”

PIF’s investment in Jio Platforms has been accounted as its largest in the Indian subcontinent till date. The sovereign wealth fund has a key mission to make a diverse range of investments in order to strengthen the Saudi Arabian kingdom’s objective of economic transformation, as part of the nation’s Vision 2030 goals.

His Excellency Yasir Al-Rumayyan, the governor of PIF, said upon announcement of the deal, “We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth. This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia’s economy and our country’s citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom.”

Jio Platforms, a wholly owned subsidiary of Reliance Industries Limited, was first credited with transforming India’s telecom industry with the disruptive presence of Reliance Jio. Since then, it has garnered over 388 million subscribers, and today, has expanded its presence in key, cutting edge areas of technology. With high profile investments from the biggest investors and technology players in the world, Jio Platforms has shown its commitment towards furthering India’s Digital India dream, making it one of the most valuable companies in the country, and one that has made a massive impact in India’s technology footprint.

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