Saudi Arabia's sovereign wealth fund PIF to invest Rs 11,367 crore in Reliance Industries’ arm
18th Jun 2020

Public Investment Fund (PIF), sovereign wealth fund  of  Saudi  Arabia, is going to invest Rs 11,367 crore in Jio Platforms, a wholly-owned subsidiary of Reliance Industries, at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. The investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020. With the addition of PIF’s investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India.

Jio Platforms is a next-generation technology company focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.