Arabian government to invest Rs 11,367 crore in Jio Platforms

• Despite Corona crisis, queue of investment in Reliance Jio

• Saudi Arabia’s PIF announces Rs 11,367 crore investment

Despite the Corona crisis and the economy-corporate being troubled by the lockdown, Reliance Industries is constantly getting cash in its fortune. There is a competition for investment in Reliance Jio platforms. Now Saudi Arabia’s Public Investment Fund (PIF) will invest Rs 11,367 crore to buy a 2.32 per cent stake in Jio.

PIF is one of the world’s largest and most effective sovereign funds. Sovereign Fund is run by the government of a country. In this way, in the last two months, foreign companies have invested more than 1 lakh crore rupees in Reliance Group Company Jio Platforms.

With this, the total investment in Jio Platform has been about Rs 1,15,693.95 crore. In this way, the total 25 percent of Reliance Jio platforms will be in the hands of foreign companies. Reliance also plans to sell its stake up to 25 per cent. Reliance Group wants to free itself of debt in this way.

About this investment, Chairman of Reliance Industries Mukesh Ambani said, “We have a good relationship with the royal family of Saudi Arabia in Reliance for many decades. This relationship with an oil economy is now going to strengthen India’s new oil economy data-based, which is evident from PIF Investment’s investment in Jio platforms. ‘

Significantly, in the last few weeks, more than half a dozen foreign investments have been received in Reliance Jio. The most recent names in this queue before PIF are TPG and L Catterton. These two companies acquired 0.93 per cent and 0.39 per cent stake in Jio Platforms Limited (JPL) for Rs 4,546.80 crore and Rs 1,894.50 crore, respectively. Prior to this, foreign companies like Facebook, Silver Lake, Vista Equity, General Atlantic, KKR and Mubadla have also signed an investment deal in Reliance.

Most Discussed Deals

The most popular deal of recent Reliance has been with the world’s tech tech company Facebook. Facebook has invested Rs 43,574 crore to buy a 9.99 per cent stake in Jio Platforms. Silver Lake then announced a 1.15 per cent stake with an investment of Rs 5,656 crore, Vista Equity announced a 2.32 per cent stake with an investment of Rs 11,367 crore and General Atlantic announced a 1.34 per cent stake with an investment of Rs 6,598 crore.

KKR also announced a 2.32 per cent stake in Jio Platforms with an investment of Rs 11,367 crore and Mubadla announced a 1.85 per cent stake with an investment of Rs 9,093 crore.