Saudi Arabia's PIF becomes 10th investor in Jio Platforms, buys 2.32% stake

In a massive update, India's Jio Platforms is set to raise Rs 11,367 crores by selling 2.32 per cent of its stake to Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF). This will be the tenth investor picking up a stake in the Reliance Industries telecom and digital business in under eight weeks. With the investment from the Saudi fund, the equity value of Jip Platforms' now stands at Rs 4.91 lakh crore while the enterprise value stands at Rs 5.16 lakh crore. 

In a statement released by the group on Thursday, it informed that with the latest investments parent Reliance Industries stands to get Rs 115,693.95 crore from the 10 investors in exchange for total 24.70% stake in Jio. 

READ | TPG To Invest Rs 4,546.80 Cr In Jio Platforms For 0.93% Equity Stake

Earlier on Saturday, Reliance announced that global alternative asset firm TPG will invest ₹ 4,546.80 crores in their digital unit-Jio Platforms.  For TGP this investment will translate into a 0.93% equity stake in Jio Platforms on a fully diluted basis. Jim Coulter, Co-CEO TPG asserted that his company is excited to play an early role in Jio's journey as they continue to transform and advance India's digital economy.

“We are excited to partner Reliance to invest in Jio. As an investor in growth, change, and innovation for over 25 years – and with a longstanding presence in India -- we are excited to play an early role in Jio's journey as they continue to transform and advance India's digital economy," Coulter said.

READ | Abu Dhabi Based Mubadala Invests Rs 9,093 Crores In Reliance Jio, Stake Worth 1.85%

The eleven investors in Jio Platforms now comprises of Facebook, Silver Lake, Vista, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF. 

About PIF

Saudi Arabia's Public Investment Fund (PIF) was founded in 1971 and is one of the largest sovereign wealth funds across the globe with total estimated assets of nearly $400 billion. The PIF aims at investing funds on behalf of the Government of Saudi Arabia and is developing a portfolio of high quality domestic and international investments diversified across sectors. 

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READ | Jio Get Additional Rs 4,546 Cr From Silver Lake, Co-investors After Initial Rs 5,655 Cr