RIYADH — The Public Investment Fund (PIF) has signed definitive documentation to acquire a 2.32% equity stake in Jio Platforms, India's leading digital services platform.

This investment is in line with PIF's strategy and mandate of investing in sectors and companies that generate long-term commercial returns.

Jio Platforms is a next-generation technology company focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.

The Public Investment Fund is investing approximately $1.5 billion in Jio Platforms, India's leading digital services company, subject to customary closing conditions and Indian regulatory approvals.

Once PIF's investment is consummated, this will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis. In line with PIF's mandate of safeguarding and growing the national wealth of the Kingdom by investing in markets and sectors that drive transformative economic growth, this investment reflects a core objective of PIF's international investment strategy.

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."

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."

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.

To-date, Jio Platforms has secured investments from leading global investors including Facebook, Silver Lake, and Mubadala Investment Company, among others.

In line with PIF's Vision 2030 mandate, PIF centers its international acquisitions around generating significant long-term commercial returns to the benefit of Saudi citizens.