Saudi Arabia’s PIF invests Rs. 11.367 crore in Jio Platforms

Saudio Arabia’s PIF has invested Rs. 11.367 crore for a 2.32% stake in Jio Platforms – the 11th investment in the Reliance Industries (RIL) digital unit in just nine weeks.

The company has now raised Rs. 115,693.95 crore from global brands such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020.

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.”

His Excellency 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.”