Jio Platforms Raises Rs 11,367 Crore From Saudi Arabia's Public Investment Fund
Saudi Arabia-based wealth fund Public Investment Fund (PIF) will invest Rs 11,367 crore in Jio Platforms to buy a 2.32 per cent stake in the company. This is the eleventh investment in Jio Platforms within nine weeks. Jio Platforms - billionaire Mukesh Ambani-led Reliance Industries' digital services arm which houses Reliance Jio Infocomm - has raised Rs 1,15,693.95 crore from technology investors including Facebook, Silver Lake Partners (two Investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority and L Catterton.
At Rs 1,15,693.95 crore, it is the largest continuous funds raise by a company anywhere in the world, Reliance Industries said in a statement on Thursday.
The investment by PIF values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, the company said.
With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India, Reliance Industries added.
"We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. 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," Reliance Industries chairman and managing director Mukesh Ambani said.
Earlier in the day, Reliance Industries shares rose as much as 3.07 per cent to hit a record high of Rs 1,665 on the BSE, taking the market capitalisation of India's most valued company to Rs 10.5 lakh crore.