Saudi Arabia’s PIF, one of the world’s largest sovereign wealth funds, will invest INR 11,367 crore ($1.5 billion) for 2.32 percent of India's Reliance Industries (RIL) digital unit, Jio Platforms.

The latest PIF investment is the eleventh investment in the oil-to-retail-to-telecom conglomerate's digital unit in nine weeks.

Jio Platforms is a company focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers

With this investment, Jio Platforms has raised a total of INR 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.

RIL has now sold up to 24.7 percent in Jio to some of the world’s top technology investors, according to the company’s notification to the Bombay Stock Exchange.

Saudi sovereign PIF is estimated to own combined assets of nearly $400 billion. Its investment in Jio Platforms is at an equity valuation of INR 4.91 lakh crore and an enterprise valuation of INR 5.16 lakh crore, the statement said.

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

The transaction is subject to Indian regulatory and other customary approvals.

(Writing by Seban Scaria; editing by Anoop Menon)

seban.scaria@refinitiv.com

#Saudi #PIF #DEAL #INDIA #RIl #Jio Platforms

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