Saudi Arabia’s PIF Buys 2.33% Stake in Jio

Mumbai: Reliance Industries sells out a 2.33% share of RIL’s Jio to Saudi Arabia’s Public Investment wealth fund for $1.5 billion, Gulf News reported on Monday.

With the closure of this deal, the Jio platform will dilute 25 per cent of its equity. Adding PIF onboard intends to dilute to maximum financial investors.

Another foreign direct investment made by Saudi Arabia’s one of the largest sovereign wealth funds in Reliance’s Jio within eight weeks of selling stakes of Jio equity.

Reliance’s Jio Overview

The report said, “Entry of any new investors will have to be now a strategic investor in the coming future”.

Mukesh Ambani, CEO & Director of Indian oil to telecom conglomerate multi-billion dollars Reliance Industries has added another $1.5 billion to 104,326.95 crores raised in less than eight weeks from the sale of JioPlatforms minority stake to well-known investors all over the world, including Facebook Inc.

Money Raised So Far

Recently, Jio announced a stake sale of 0.93 per cent to TPG (A Global Investment Firm) for Rs 4,546.80 crore and the sale of 0.39 to L Catterton (A private equity firm) Rs 1,894.50 crore. RIL has secured 1.04 lakh crore in less than eight weeks through selling a 22.38 per cent stake of Jio Platforms so far.

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