Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

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.

Read More | Facebook buys 9.9% stake in Reliance Jio for Rs 43,574 crore in largest tech FDI

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.

PHOTO-2020-06-18-16-26-58

>PIF aims to be a global investment powerhouse and the worl​d’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.

Moneycontrol News
first published: Jun 18, 2020 04:15 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347