The Public Investment Fund (PIF) has become the latest Mena wealth fund to invest in Jio Platforms, the digital assets business of Indian conglomerate, Reliance Industries.
The Saudi sovereign wealth fund has ploughed US$1.5 billion into Jio, taking the total commitment from foreign investors to more than $15 billion and accounting for 24% of the company’s stock.
The PIF is the tenth international investor to become involved with Jio, including a number of Mena sovereign wealth funds such as the Abu Dhabi Investment Authority and Mubadala. The investment continues the PIF’s strategy of increasing its exposure to overseas investment and diversifying away from a reliance on domestic oil-based revenues.
The fund embarked on an extensive shopping spree in March, spending $3 billion on buying stakes in a number of high-profile US companies.
India is also emerging as an alternative to China for large international investors concerned by ongoing tensions between the US and China. “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,” said Yasir Al-Ramayyan, a governor at PIF.
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