New Delhi, Jun 18 (IANS): Reliance Industries Limited and Jio Platforms Limited, Indias leading digital services platform, on Thursday announced an investment of Rs 11,367 crore by Saudi Arabias Public Investment Fund (PIF), one of the worlds largest sovereign wealth funds.
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 lakh crore from leading global investors, including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020.
PIF, the sovereign wealth fund of Saudi Arabia, as part of its mandate to diversify its economy, has made its largest investment into the Indian economy to-date. This investment is in line with PIF's strategy and mandate of investing in sectors and companies that generate long-term commercial returns to drive Saudi Arabia's economic transformation as part of the Vision 2030 objectives.
This investment supports PIF's mandate of building strong global investment partnerships to further Saudi Arabia's investment reach and exposure.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, 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."
Yasir Al-Rumayyan, Governor of PIF, commented: "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."