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Jio Platforms Gets Its 11th Investment From PIF for Rs. 11,367 Crore
PaidFreeDroid StaffJune 19, 2020 5:54 pmLast Updated: July 12, 2020 10:35 pm
PIF, world's largest sovereign wealth fund, will invest Rs. 11,367 crore for a 2.32 percent stake in Jio Platforms. PIF stands for Public Investment Fund of Saudi Arabia.
It is the record eleventh investment deal in nine weeks and this marks a company's largest continuous fundraising activity anywhere in the world. In a series of investment deals, Reliance Industries Limited has now sold 24.7 percent stake in Jio Platforms and raised Rs. 1,15,693.95 crore.
Also Read: What is Jio Platforms & Why Investors are Investing Huge Amounts In It
All investments were finalized in the middle of a global lockdown, a reference to the immense digital potential of India, and a clear affirmation of Jio's aggressive policy, tech skills, transformative corporate structure, and structural long-term growth prospects.
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. Mukesh Ambani (Reliance Industries)
Investment by PIF's comes at an equity valuation of Rs. 4.91 lakh crore and enterprise valuation of Rs. 5.16 lakh crore. This investment is followed by the investment of L Catterton of a 0.39 percent stake for Rs. 1,894.50 crore which happened last week.
Facebook bought a 9.99 percent stake for Rs. 43,574 crore on April 22 which started the series of investments in Jio Platforms. After that, General Atlantic, Silver Lake (two investments), Vista, KKR, Mubadala, ADIA, TPG and L Catterton have also spent their capital in Jio.
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. Yasir Al-Rumayyan, Governor, PIF
With nearly 400 million subscribers, Jio Platforms is a next-generation technology platform focused on providing high-quality, affordable digital services across India.
Jio has made substantial investments through its digital ecosystem, powered by leading mobile networking technology, smart apps, edge and cloud technology, big data analytics, AI, IoT, virtual / augmented reality and blockchain.
Jio Platforms PIF
PaidFreeDroid Staff
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