Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) has agreed to invest ₹11,367 crore in Jio Platforms Ltd. for a 2.32% stake, valuing the company at an equity value of ₹ 4.91 lakh crore and enterprise value of ₹ 5.16 lakh crore.
With this investment, Jio Platforms has raised ₹1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020.
Mukesh Ambani, chairman and managing director, RIL, 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.”
PIF’s governor Yasir Al-Rumayyan said, “We believe that Jio Platforms provides us an excellent opportunity to gain access to 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.”
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