Saudi wealth fund PIF picks up stake in India's Jio Platforms for $1.5b

Mukesh Ambani. Photo: Bloomberg

Jio Platforms has signed up Public Investment Fund (PIF) as its tenth foreign investor in just over 8 weeks. The Saudi Arabian sovereign wealth fund will pick up 2.32% stake in the Reliance Industries subsidiary for Rs11,367 crore ($1.5 billion), a release issued by the Mukesh Ambani company said today.

The latest investment, like most of the previous ones, gives Jio Platforms an equity valuation of Rs4.91 trillion and an enterprise value of Rs5.16 trillion.

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