PIF injects $1.5 bln investments in India’s Jio Platforms

The Public Investment Fund (PIF) signed a definitive agreement to acquire a 2.32% stake in India’s Jio Platforms for nearly $1.5 billion, the Saudi Press Agency reported on Thursday, citing a PIF statement.

The deal completion is subject to customary closing conditions and Indian regulatory approvals.

The acquisition comes in line with PIF's strategy and mandate of investing in sectors and companies that generate long-term commercial returns.

Yasir Al-Rumayyan, Governor of PIF 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. 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."

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology company focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.

To-date, the Indian leading digital services platform has secured investments from leading global investors including Facebook, Silver Lake, and Mubadala Investment Co., among others.

In line with PIF's Vision 2030 mandate, PIF centers its international acquisitions around generating significant long-term commercial returns to the benefit of Saudi citizens.