Jio Platforms raises $1.5bn from Saudi Arabia’s PIF
With the addition of PIF’s investment, Jio has established partnerships with a marquee set of global investors, who will contribute to establishing the Digital Society vision for India.
Reliance Industries’ digital arm Jio Platform signed up Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) as its tenth foreign investor in just two months. PIF will invest $1.5 billion in Reliance Jio for a 2.32 per cent stake in the telecom operator.
With the addition of PIF’s investment, Jio Platforms has established partnerships with a marquee set of global investors, who will contribute to establishing the Digital Society vision for India, Reliance Industries said.
Yasir Al-Rumayyan, Governor, PIF, said: “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.”
RIL Chairman Mukesh Ambani on Friday announced that the company is finally net debt-free, adding that he has fulfilled his promise to shareholder. The conglomerate raised $22.2 billion in two months through the country’s largest ever right issue and series of stake sale in its digital arm Jio Platforms.