UPDATE 1-Reliance says #Saudi's PIF to invest $1.49 bln in Jio - Reuters

UPDATE 1-Reliance says Saudi's PIF to invest $1.49 bln in Jio - Reuters:

Saudi Arabia’s Public Investment Fund (PIF) will buy a 2.32% stake in Reliance Industries’ digital unit Jio Platforms for 113.67 billion rupees ($1.49 billion), the Indian conglomerate said on Thursday.

The deal with the Saudi sovereign wealth fund means Reliance has now sold 24.7% of Jio Platforms and raised just over $15 billion from investors including Facebook.

The investment gives Jio Platforms — which comprises telecoms venture Jio Infocomm and music, movie apps — an enterprise value of 5.16 trillion rupees, Reliance said in a statement.

“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,” PIF Governor Yasir Al-Rumayyan said in the statement.