- Jio Platforms announced earlier this week that it has raised 113.67 billion rupees (about $1.49 billion) from Saudi Arabia’s Public Investment Fund (PIF) in exchange for a 2.32% stake in the company
Jio Platforms announced earlier this week that it has raised 113.67 billion rupees (about $1.49 billion) from Saudi Arabia’s Public Investment Fund (PIF) in exchange for a 2.32% stake in the company. With that investment, Reliance has now sold 24.7% of Jio Platforms and it raised over $15 billion from investors including Facebook, KKR, Mubadala Investment, Vista Equity Partners, TPG, L Catterson, and Silver Lake.
“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,” said PIF Governor Yasir Al-Rumayyan in a statement.
PIF manages over $300 billion in assets and it has invested $7.7 billion in global equities in the first quarter alone, according to Reuters. PIF also has a stake in Uber and SoftBank’s Vision Fund.
With the deals made in Jio Platforms and a $7 billion share sale, Reliance will be able to meet its target for paying off around $21.4 billion of net debt by the end of the year.
Reliance is led by Mukesh Ambani, the richest man in India. And Jio Platforms is known for disrupting the telecommunications industry in India after it launched in late 2016 by offering free voice and low data costs.
Mukesh Ambani Net Worth
According to the Bloomberg Billionaires Index, Mukesh Ambani has entered the top 10 rankings of the world’s richest people. For the year-to-date, Ambani’s net worth jumped $5.83 billion. Now Mukesh Ambani has a net worth of $74.5 billion.
The stock price of Reliance Industries Limited (NSE: RELIANCE) climbed to an all-time high of ₹1,738.95 on Friday and the company revealed that it is now a net debt-free company. Based on the stock price, the company has a market value of about $150 billion.
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