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Jio Platforms Bags 11th Investment From Saudi Arabia’s PIF
In continuing with its investment deals, RIL's digital platform Jio Platforms has once again bagged a deal worth Rs. 11,367 crore. This time, the investment is by the Saudi-Arabia based sovereign wealth fund PIF for a 2.32% stake in the firm.
After the deal, the conglomerate by divesting 24.7% in Jio has managed to mop up a total of Rs 115,693.95 crore in a span of just 9 weeks.
The investment by PIF in Jio Platforms is at an equity valuation of Rs 4.91 lakh crore and an enterprise valuation of Rs 5.16 lakh crore. The other investors who invested in the digital company of late are L Catterton and TPG.
On April 22, the company cracked it first major investment from Facebook for a 9.99% for Rs. 43,574 crore.
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 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."
Yasir Al-Rumayyan, Governor of PIF, commented: "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."
The transaction is subject to regulatory and other approvals from the country.
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