Saudi Arabia's Public Investment Fund (PIF) is preparing large investments to buy a 2.33 per cent stake in Jio. It is a sovereign fund of Saudi Arabia i.e. the government's fund there. If this deal is done, the total 25 per cent of Reliance Jio platforms will be in the hands of foreign companies.
Even though corporations and economies around the world are troubled by Corona, the Reliance Group continues to have good days in India. There is a queue of foreign companies to invest in Reliance's Jio platforms. Now Saudi Arabia's Public Investment Fund (PIF) is preparing large investments to buy a 2.33 per cent stake in Jio.
According to Gulf News, PIF is preparing to buy 2.33 percent stake in Jio platforms. It is a sovereign fund of Saudi Arabia i.e. the government's fund there. If this deal is done, the total 25 per cent 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.
Investment race
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 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. With this, Jio Platforms has signed a deal for Rs. 1.04 lakh crore to sell a total of 22.38 per cent stake. Prior to this, foreign companies like Facebook, Silver Lake, Vista Equity, General Atlantic, KKR and Mubadla have also entered into an investment in Reliance.
The biggest investment is from Facebook, which announced on April 22 that it will invest Rs 43,574 crore for a 9.99 per cent stake in JPL. 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.
Most Discussed Deals
The most popular deal of recent Reliance has been with the world's tech company Facebook. Facebook has invested Rs 43,574 crore to buy a 9.99 per cent stake in Jio Platforms. With this deal, a lot of discussion started about Reliance's long term plan. The most important thing in this is that Facebook-owned WhatsApp has 35 crore users in India, which can be availed for Jio Retail. On the other hand, Facebook will get the benefit of Jio's 38.7 crore customer base.
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