MUMBAI / RAJKOT - In a regulatory filing as submitted to the Indian Stock Exchanges, Mukesh Dhirubhai Ambani led Diversified Indian Conglomerate - Reliance Group's flagship company Reliance Industries Ltd said of public investment fund (PIF) having invested 113.67 billion (~11,367 crore) rupees in Jio Platforms Ltd acquiring 2.32% equity stake on fully diluted basis of the equity value of Jio Platforms pegged at 4.91 trillion (~4.91 lakh crore).
In a press-release titled, "THE PUBLIC INVESTMENT FUND (“PIF”) TO INVEST ₹ 11,367 CRORE IN JIO PLATFORMS", as attached and enclosed with the regulatory filing as submitted by the company to the Indian Bourses, it further read that, INVESTMENT TO FURTHER ASSIST JIO IN BUILDING AN INCLUSIVE TECHNOLOGY GROWTH PLATFORM FOR INDIAN CONSUMERS and that JIO PLATFORMS RAISES ₹ 115,693.95 CRORE THROUGH PARTNERSHIPS WITH LEADING GLOBAL INVESTORS WITHIN NINE WEEKS.
The release details further read that, Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), India’s leading digital services platform, today announced an investment of ₹ 11,367 crore by The Public Investment Fund (“PIF”).
This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore.
PIF’s investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis.
With this investment, Jio Platforms has raised ₹ 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020.
With the addition of PIF’s investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India.
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.
Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
Jio Platforms’ vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, microbusinesses and farmers, so that all of them can enjoy the fruits of inclusive growth.
PIF is the sovereign wealth fund of Saudi Arabia and as part of its mandate to diversify its economy, has made its largest investment into the Indian economy to-date.
This investment is in line with PIF’s strategy and mandate of investing in sectors and companies that generate long-term commercial returns to drive Saudi Arabia’s economic transformation as part of Vision 2030 objectives.
This investment supports PIF’s mandate of building strong global investment partnerships to further Saudi Arabia’s investment reach and exposure.
The transaction is subject to Indian regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.
In case, if you wish to VERIFY, the above narrated news-report, please CLICK here.
No comments:
Post a Comment