Reliance Industries’ secured another massive investment in subsidiary Jio Platforms, adding the Public Investment Fund of Saudi Arabia (PIF) to a growing list of international backers which have committed $15.2 billion since late April.
PIF acquired a 2.32 per cent stake in Jio Platforms for INR113.7 billion ($1.5 billion), which Reliance Industries said was the fund’s largest investment in an Indian business to date.
So far, Reliance Industries sold 24.71 per cent of Jio Platforms to 11 companies. Counterpoint Research partner Neil Shah previously tipped the company to sell 25 per cent of its digital subsidiary.
Reliance Industries said it had now “established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India”.
PIF governor Yasir Al-Rumayyan said the Indian digital economy holds “very exciting” potential and Jio Platforms gives the fund access to its future 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.”Subscribe to our daily newsletter Back