Public Investment Fund of Saudi Arabia has announced an investment of ₹11,367 crore in Jio Platforms Ltd, the digital assets unit of Reliance Industries Ltd. With this investment, Jio Platforms has raised about ₹1.16 trillion from 11 investors in just eight weeks, signifying the rapid digitization opportunity in India.
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Key-Points
The deals are aimed at helping RIL become net debt-free by March 2021.
The PIF deal takes the total acquisition commitment by foreign investors in Jio Platforms at 24.71%.
Facebook, with over 300 million customers in India and Jio Platforms with about 388 million, plan to tap their combined user base to extend digital payments and e-commerce services in the country.
Jio Platforms has made significant investments across its digital ecosystem spanning across broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
Public Investment Fund of Saudi Arabia
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 $320 billion. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world.
