Reliance Industries Limited (RIL)has announced that Saudi Arabia’s PIF will invest Rs 11,367 crore in Jio Platforms. The Saudi Arabian wealth fund is one of the world’s largest sovereign wealth funds. It is all set to pick a 2.32 percent stake in Mukesh Ambani’s Jio. This is a historic eleventh investment in the digital unit of RIL in nine weeks.
The other investors are Facebook Inc, Silver Lake, Vista Equity Partners. Also General Atlantic, KKR, Mubadala Investment Company. The others are Abu Dhabi Investment Authority, TPG and L Catterton.
Mukesh Ambani, said, “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. I look forward to their sustained support and guidance. This is as we take ambitious steps to accelerate India’s digital transformation for enriching lives of 1.3 billion Indians.”
All You Need To Know About Saudi Arabia’s PIF:
- Founded in 1971, the Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia.
- It is among the largest sovereign wealth funds in the world with total estimated assets of nearly $400 billion.
- It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia and is developing a portfolio of domestic and international investments.
- The PIF operates through six investment pools comprising local and global investments. It is to enable the economic development and diversification of the Saudi economy.
- PIF aims to be a global investment powerhouse and the world’s most impactful investor that will shape the future global economy and also help in the economic transformation of Saudi Arabia.
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