Reliance Industries (RIL) on Thursday (18 June) said Saudi Arabia's Public Investment Fund (PIF) will buy 2.32% stake in Jio Platforms for Rs 11,367 crore.
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.With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and LCatterton, since April 2020.
Jio Platforms, a wholly-owned subsidiary of RIL, is a next-generation technology company focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
PIF is the sovereign wealth fund of Saudi Arabia and as part of its mandate to diversify its economy, has made its largest investment into the Indian economy to-date.
RIL, which owns Jio Platforms, rose 2.53% to Rs 1656.25 on BSE. The stock hit a record high of Rs 1665 in intraday trade today. The counter added nearly 73% in last three months as compared to a 18.5% rise in benchmark BSE Sensex.
On a consolidated basis, RIL's net profit fell 38.74% to Rs 6,348 crore on 2.5% decline in revenue to Rs 151,209 crore in Q4 March 2020 over Q4 March 2019.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, telecom and digital services.
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