Reliance Industries on Thursday announced that Saudi Arabia-based wealth fund Public Investment Fund will invest Rs 11,367 crore in Jio Platforms to buy a 2.32% stake in Jio Platforms. This is the 11th investment in Jio Platforms over the last nine weeks. With Wednesday’s announcement, Reliance Industries has sold off over 23% of Jio Platforms.

In a BSE filing, Reliance Industries said the Saudi Arabia-based fund’s investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. “With this investment, Jio Platforms has raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020,” Reliance Industries announced.

Reliance Industries Chairperson Mukesh Ambani said the company has enjoyed a “long and fruitful” association with Saudi Arabia for a long time. He added that after strengthening India’s oil economy, the relationship had now moved to improve India’s data-driven economy.

“I have greatly admired the defining role PIF has played in driving the economic transformation of the Kingdom of Saudi Arabia,” Ambani said. “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.”

Investments in Reliance Jio since April

On June 8, Reliance Industries announced that the Abu Dhabi Investment Authority will buy 1.16% of its digital unit Jio Platforms for Rs 5,683.5 crore through a wholly-owned subsidiary. The investment came days after Abu Dhabi’s state fund Mubadala Investment Co announced it will invest Rs 9,093.60 crore in Jio Platforms, translating into an equity stake of 1.85% in the company.

On May 21, United States-based private equity firm KKR bought a 2.32% stake in Jio Platforms, amounting to Rs 11,367 crore. This came exactly a month after Facebook Inc bought a 9.99% stake in Jio Platforms for Rs 43,574 crore.

The announcements have come even as the world continues to face the coronavirus pandemic. Lockdowns in many parts of the world have severely impacted national economies and wrought hardships on many other small and large businesses.