Public Investment Fund (PIF) of Saudi Arabia has invested Rs 11,367 crore in Jio Platforms Ltd, the digital arm of Reliance Industries (RIL). 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.
PIF’s investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs 1,15,693.95 crore from leading investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April.
“With 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,” RIL said in a statement.
PIF is the sovereign wealth fund of Saudi Arabia and, as part of its mandate to diversify its economy, has made its largest investment in the Indian economy till this date. “This investment is in line with PIF’s strategy and mandate of investing in sectors and companies that generate long-term commercial returns,” it said.
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