Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) will invest Rs 11,367 crores in Reliance Industries digital arm, Jio Platforms. With the investment, PIF is set to become the tenth investor to make an investment in Jio Platforms.
Reliance Jio has announced that Jio Platforms will receive an investment of Rs 11,367 crores for an equity stake of 2.32 percent. This comes after TPG and L Catterton recently revealed that they will invest Rs 6,441.3 crore in Jio Platforms.
Now Jio Platforms have received investment from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22, 2020.
Mukesh Ambani, chairman and managing director, Reliance Industries said “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.”
Yasir Al-Rumayyan, governor of PIF said “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.”
Facebook acquired a 9.9 per cent stake in Jio Platforms for Rs 43,574 crore. Silver Lake Partners invested in the company for Rs 5,655 crore at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore.
General Atlantic, a leading growth equity firm, invested Rs 6,598.38 crore in Jio Platforms for 1.34 per cent stakes. US-based Vista Equity Partners Ltd has announced an investment of Rs 11,367 crore in Reliance Jio Platforms. KKR said that it will invest Rs 11,367 crore in Jio Platforms.