The Public Investment Fund (“PIF”) To Invest ₹ 11,367 Crore In Jio

Reliance Industries Limited (“Reliance Industries”) and Jio Platforms
Limited (“Jio Platforms”), India’s leading digital services platform, today announced an investment
of ₹ 11,367 crore by The Public Investment Fund (“PIF”). This investment values Jio Platforms at
an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. PIF’s investment
will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis. With this investment,
Jio Platforms has raised ₹ 115,693.95 crore from leading global investors including Facebook,
Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton,
since April 2020.
With the addition of PIF’s investment, Jio Platforms has established partnerships with a marquee
set of global financial investors, who will contribute to establishing the Digital Society vision for India.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology
company focused on providing high-quality and affordable digital services across India, with more
than 388 million subscribers. Jio Platforms has made significant investments across its digital
ecosystem, powered by leading technologies spanning broadband connectivity, smart devices,
cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented
and mixed reality and blockchain. Jio Platforms’ vision is to enable a Digital India for 1.3 billion
people and businesses across the country, including small merchants, micro-businesses and
farmers, so that all of them can enjoy the fruits of inclusive growth.
PIF is the sovereign wealth fund of Saudi Arabia and as part of its mandate to diversify its economy,
has made its largest investment into the Indian economy to-date. This investment is in line with
PIF’s strategy and mandate of investing in sectors and companies that generate long-term
commercial returns to drive Saudi Arabia’s economic transformation as part of Vision 2030
objectives. This investment supports PIF’s mandate of building strong global investment
partnerships to further Saudi Arabia’s investment reach and exposure.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “We at Reliance
have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades.
From Oil Economy, this relationship is now moving to strengthen India’s New Oil (Data-driven)
Economy, as is evident from PIF’s investment into Jio Platforms. I have greatly admired the defining
role PIF has played in driving the economic transformation of the Kingdom of Saudi Arabia. I
welcome PIF as a valued partner in Jio Platforms and look forward to their sustained support and
guidance as we take ambitious steps to accelerate India’s digital transformation for enriching and
empowering the lives of 1.3 billion Indians.”

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His Excellency Yasir Al-Rumayyan, Governor of PIF, commented: “We are delighted to be investing
in an innovative business which is at the forefront of the transformation of the technology sector in
India. We believe that the potential of the Indian digital economy is very exciting and that Jio
Platforms provides us with an excellent opportunity to gain access to that growth. This investment
will also enable us to generate significant long-term commercial returns for the benefit of Saudi
Arabia’s economy and our country’s citizens, in line with our mandate to safeguard and grow the
national wealth of the Kingdom.”
The transaction is subject to Indian regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis
Polk & Wardwell acted as legal counsels.