Riyadh - Mubasher: The Public Investment Fund (PIF) signed an agreement to acquire a 2.32% equity stake in India's leading digital services platform, Jio Platforms, for $1.5 billion.

The deal, subject to customary closing conditions and Indian regulatory approvals, is in line with the PIF’s efforts to invest in sectors and companies that generate long-term commercial returns for the benefit of Saudi Arabia's economic transformation and growth, according to a press release.

Commenting on the investment, governor of the PIF, Yasir Al Rumayyan, said: “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.”

Moreover, chairman and managing director of Reliance Industries, Mukesh 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."

Jio Platforms, a fully-owned subsidiary of Reliance Industries, is a next-generation technology company that offers high-quality and affordable digital services across India, with more than 388 million subscribers. 

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

A subsidiary of the Abu Dhabi Investment Authority (ADIA) recently agreed on purchasing a 1.16% stake in the Indian digital services company.