Reliance Jio Bags Rs 11, 367 Cr Investment From Saudi Arabia's PIF | Know All About The 'Mega Deal' In 5 Points

Reliance's Jio Platforms has bagged massive deals resulting in a total investment of Rs 115,693.95 since April 2020.

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New Delhi: On Thursday, Telecom giant Reliance Jio revealed that it has bagged a massive investment from Public Investment Fund (PIF). Jio Platforms will receive an investment Of Rs 11,367 Crore from PIF. Here are 5 major points to know about this investment: 1. Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. 2. Through this fund, it aims to invest in companies and sectors that can potentially invite long-term gains and further advance Saudi Arabia’s economic interests as part of its 'Vision 2030' objectives. 3. This investment has valued Jio Platforms at an enterprise value of Rs 5.16 lakh crore and an equity value of Rs 4.91 lakh crore. 4. The PIF investment will account for a 2.32% equity stake in Jio Platforms on a fully diluted basis. With this, in a span of 9 weeks, Jio Platforms have raised an investment of Rs 115,693.95 crore from leading global investors. 5. Since April 2020, Jio's key investors include Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton. Talking about this partnership, 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 welcome PIF as a valued partner in Jio Platforms and look forward to their sustained support and guidance.” “We are delighted to be investing in an innovative business that 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 of PIF, commented. WATCH | Modi govt urges banks to cut their spending by 20 percent