Jio Platforms scores another investment: $1.5bn from Saudi Arabia's PIF

Since April 2020 Reliance Jio Platforms has raised ₹115,693.95 crore

Since April 2020 Reliance Jio Platforms has raised ₹115,693.95 crore

"From Oil Economy, this relationship is now moving to strengthen India's New Oil (Data-driven) Economy, as is evident from PIF's investment into Jio Platforms", said Mukesh Ambani, chairman and managing director, Reliance Industries, in a statement. PIF will buy a 2.32 per cent stake in its digital unit Jio Platforms for Rs 11,367 crore.

The stunning speed and size of the fund-raising has helped Reliance achieve the net debt-free status before the March deadline set for the company by Ambani, Asia's richest man.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading technology investors Facebook, Silver Lake Partners (two tranches), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF.

"RIL has raised over Rs 1,68,818 crore in just 58 days through investments by global tech investors (Rs 1,15,693.95 crore) and rights issue (Rs 53,124.20 crore)", the company said in a statement. "I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue", Mr. Ambani added.

The company said that it was not only the largest ever in India, but also the largest in the world by a non-financial entity in the last ten years. RIL PP share price opened at Rs 758.50 and hit an intraday low of Rs 748.

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The company's net debt, as of March 21, 2020 was Rs 161,035 crore. The investments in Jio Platforms notably come at the time when the global pandemic has affected various small and large businesses.

At Reliance's 42nd annual general meeting last August, Ambani pledged to make the company net debt-free by 31 March 2021. After this investment, Jio Platforms is now valued at Rs 4.91 lakh crore in equity, and Rs 5.16 lakh crore as enterprise value.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance".

In April, Reliance said despite the covid-19 crisis and the lockdown, due-diligence by Saudi Aramco for the planned investment in its energy business is on track and both the parties are committed and actively engaged.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

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