Fri. Mar 29th, 2024

On June 18, RIL said that Arabia’s Public Investment Fund (PIF) has brought 2.32 per cent stake in Jio through an investment of Rs 11,367 crore. In two months, RIL has raised Rs 1.16 lakh crore through stake sales. From 22 April onwards till today, the company has almost sold 25 per cent of the Stakes in Jio. Investment in Jio Platforms through an IPO this year, from some of the leading global investment firms, is about Rs 115,693.95 crore.

The company statement on the investment of Saudi Sovereign Wealth fund said it is “at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore”.

The statement added, “With the addition of PIF’s investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India”.

Chairman and MD of RIL, Mukesh Ambani said, “We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From the 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”.

Yasir Al-Rumayyan, PIF’s Governor said, “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”.

He added, “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”.

Morgan Stanley is the financial advisor of RIL in the deal while AZB & Partners and Davis Polk & Wardwell are the legal counsels.

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