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.

This takes the total investment by foreign investors in Jio Platforms to Rs1.15 trillion rupees for a 24.71% combined stake in the company.

Besides PIF, the list of 10 investors in Jio now includes Facebook; six private equity companies namely General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners and two sovereign funds of Abu Dhabi — Abu Dhabi Investment Authority and Mubadala Investment Company.

Silver Lake invested in Jio in two installments. All the transactions are subject to regulatory approvals, with the one with Facebook likely to undergo a tighter scrutiny given concerns over net neutrality. The deal with Facebook is currently under scrutiny at the Competition Commission of India, the antitrust watchdog.

Reliance Jio Infocomm, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

The stake sales are part of RIL’s plan to be debt-free by March. Most likely, the target is likely to be achieved by December, the parent company having mopped up Rs53,124 crore from a rights issue that closed on 4 June.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.