Saudi Arabia's PIF to invest Rs 11,367 crore in Jio Platforms for 2.32% stake.

Jio Platforms, owned by Reliance Industries, recently announced that Saudi Arabia-based Public Investment Fund (PIF) will invest Rs. 11,367 crore for 2.32 per cent stake in the company.

With this investment, Jio Platforms has raised Rs. 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 2020.

This investment values Jio Platforms at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs. 5.16 lakh crore.

“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,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

PIF is the sovereign wealth fund of Saudi Arabia and as part of its mandate to diversify its economy, has made its largest investment into the Indian economy to-date.

ET