Jio-PIF deal: All you need to know about Saudi Arabia's PIF, the latest investor in Jio Platforms
One of the world’s largest sovereign wealth funds, PIF will invest Rs 11,367 crore for a 2.32 percent stake in Jio Platforms.
June 19, 2020 / 07:45 AM IST
Saudi Arabia’s Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds, will invest Rs 11,367 crore for a 2.32 percent stake in Jio Platforms, a historic eleventh investment in the Reliance Industries (RIL) digital unit in nine weeks.
Last week, two new investors, US-based PE firms L Catterton and TPG had also bought their stake in the RIL unit.
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Here's all you need to know about Jio Platforms' latest investor PIF:
>Founded in 1971, the Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia.
>It is among the largest sovereign wealth funds in the world with total estimated assets of nearly $400 billion.
>It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia and is developing a portfolio of high quality domestic and international investments diversified across sectors, geographies and asset classes.
>The PIF operates through six investment pools comprising local and global investments in line with its objectives to actively invest over the long term to maximize sustainable returns, be the investment partner of choice for global opportunities, and enable the economic development and diversification of the Saudi economy.
>PIF aims to be a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.