Business World

Highlights : Saudi Arabia's PIF to invest ₹ 11,367 crore in Reliance Jio For 2.32 % stake in the company At equity value of ₹ 4.91 lakh crore and enterprise value of ₹ 5.16 lakh crore Reliance Jio Platforms to raise ₹ 11,367 crore by selling 2.32 % stake to Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF). At the equity value of ₹ 4.91 lakh crore and enterprise value of ₹ 5.16 lakh crore. This will be the 10th investment for Jio Platforms. With the latest investment, Reliance Industries to get ₹ 115,693.95 crore in exchange for 24.70% stake from the 10 investors. The funds coming from JIO Stake sales and from the Rights Issue of ₹ 53,124 will help lower Reliance's consolidated net debt of ₹ 1.60 lakh crore. About Public Investment Fund of Saudi Arabia: The Public Investment Fund PIF is a sovereign wealth fund of Saudia Arabia. It is among the largest sovereign wealth fund in the world with total estimated asset of $320 billion. It was established in 197...