Saudi’s Public Investment Fund buys 2.32% stake in Jio Platforms for Rs 11,367 crore

Agencies
June 18, 2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. 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."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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News Network
November 21,2025

Bengaluru, Nov 21: The Karnataka government is facing pressure to overhaul its employment system after a high-level Cabinet sub-committee recommended the complete phase-out of job outsourcing in government offices, boards, and corporations by March 2028. The move is aimed at tackling a systemic issue that has led to the potential violation of constitutional reservation policies and the exploitation of workers.

The Call for Systemic Change

With over three lakh vacant posts currently being filled through private agencies on an outsource, insource, or daily wage basis, the sub-committee highlighted a significant lapse. "As a result, reservations are not being followed as per the Constitution and state laws. It’s an urgent need to take serious steps to change the system. It has been recommended to completely stop the system of outsourcing by March 2028," the panel stated in a document.

The practice of outsourcing involves private companies hiring workers to perform duties for a government agency. Critics argue this model results in lesser salaries, a lack of social security benefits (otherwise available to permanent government employees), and a failure to adhere to the provisions of Articles 14 and 15 of the Constitution, which guarantee equality before the law and prohibit discrimination.

The 'Bidar Model' as a Stop-Gap Solution

To regulate the current mode of employment and reduce worker exploitation until the 2028 deadline, the government plans to establish workers’ services multi-purpose cooperative societies across all districts, following the successful "Bidar Model."

The Bidar District Services of Labour Multi-purpose Cooperative Society Ltd., which operates under the District Commissioner, is cited as a successful example of providing a measure of social security to outsourced staff. Labour Department officials argue this society ensures workers receive their due wages and statutory facilities like ESI (Employees' State Insurance) and PF (Provident Fund), in exchange for a 1% service fee collected from the employees.

legislative push and Priority Insourcing

The recommendations, led by the sub-committee headed by Law and Parliamentary Affairs Minister H K Patil, are set to be discussed at the next Cabinet meeting. The committee has proposed the introduction of the Karnataka Outsourced Employees (Regulation, Placement and Welfare) Bill 2025.

In a move addressing immediate concerns, Labour Minister Santosh Lad, a member of the sub-committee, has reportedly assured that steps will be taken over the next 2-3 years to insource workers in "life-threatening services" on a priority basis. This includes essential personnel like pourakarmikas (sanitation workers), drivers, electrical staff in the Energy Department, and Health Department staff handling contagious diseases. The transition aims to grant these workers the long-term security and benefits they currently lack under the outsourcing system. 

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News Network
November 24,2025

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Israel has launched a new act of aggression on a residential neighborhood in Lebanon's capital, Beirut, killing and injuring about two dozen civilians.

The Israeli regime's military said in a statement that its forces carried out a so-called precise strike in a residential apartment in Dahiyeh in the southern suburbs of Beirut on Sunday.

The aggression targeted residential areas, killing at least five people and injuring more than 28 people, Lebanon's Health Ministry said. 

Hezbollah announced the martyrdom of senior Hezbollah commander Haytham Ali Tabatabai and four resistance fighters.

Lebanese President Michel Aoun condemned the airstrike, calling it a clear demonstration of Tel Aviv’s disregard for repeated international calls to halt violations on Lebanese soil.

“Israel refuses to implement international resolutions and all efforts aimed at ending the escalation and restoring stability,” Aoun said, urging the international community to take action to prevent further aggression.

The Palestinian Islamic Jihad movement also condemned the attack, holding the international community accountable. 

“The international community bears responsibility and continues to provide cover for these attacks as long as it does not restrain the occupiers,” said Ali Abu Shahin, a member of the group’s political bureau.

Israeli prime minister Benjamin Netanyahu’s office announced that the Israeli army carried out a strike “in the heart of Beirut."

Netanyahu reportedly approved the operation following recommendations from top Israeli security officials.

Two senior US officials commented on the Israeli strike.

The first official said that Israel did not notify Americans in advance about the attack. "We were informed immediately after the strike was carried out."

The second senior official said that the "US knew for several days that Israel was planning to escalate its strikes in Lebanon, but did not know in advance the timing, location, or target of the strike."

Speaking from the site of the Israeli strike, Lebanese MP Ali Ammar condemned the attack as part of a broader campaign of aggression that has targeted "all of Lebanon since the Washington-sponsored ceasefire."

He stated that "any attack on Lebanon is a violation of red lines; this aggression is part and parcel of the entity that targets Lebanon's dignity, sovereignty, and security of citizens."

Ammar went on to say the resistance is responding with "utmost wisdom, patience, and will confront the enemy at the appropriate time."

"Unfortunately, the enemy is emboldened to commit its aggression by voices within Lebanon that have turned themselves into tools that support its aggression," he added.

The Israeli attack on the southern suburbs of the Lebanese capital is the latest blatant violation of the ceasefire Israel signed with Hezbollah in November 2024, which was intended to end hostilities that had escalated into full-scale war.

An Israeli strike on the Ain al-Hilweh camp near Sidon in southern Lebanon late Tuesday killed at least 14 people. It wounded several others, including young students, according to the Lebanese health ministry.

The military claimed the attack targeted “a Hamas training compound” used to plan and carry out attacks against the regime -- a claim that has frequently been made without evidence.

Hamas rejected the allegations as “a blatant lie aimed at justifying the massacre,” stating it had “no military installations in the Palestinian camps in Lebanon” and that the targeted site was merely “an open sports field.”

According to Lebanese authorities, Israeli attacks have killed approximately 4,000 people and displaced more than 1.2 million residents across the country since October 2023.

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P A Hameed Padubidri
November 26,2025

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Constitution Day, also known as Samvidhan Divas, is observed every year on November 26 to honor the adoption of the Constitution of India and to recognize the visionary effort that shaped the world’s largest democracy.

Historical Background

It’s on November 26, 1949, the Constituent Assembly of India formally adopted the Constitution.This date is commemorated to acknowledge the completion of nearly three years of drafting, debate, and refinement.

On January 26, 1950, the Constitution came into force, marking India’s transition from a dominion to a sovereign republic.

The date 26 January was chosen to honor the “Purna Swaraj” declaration made in 1930 that marked the relentless efforts & sacrifices of the many. 

Why Constitution Day is Celebrated

* To honor & remember the framers of the Constitution, especially Dr. B. R. Ambedkar, the Chairman of the Drafting Committee, & many others. 

* To remind the citizens of the values, responsibilities, and rights enshrined in the Constitution.

* To promote constitutional values & literacy among students, institutions, and the general public.

* To reaffirm the nation’s commitment to justice, equality, liberty, fraternity and secular values. 

Vision and Significance of the Constitution

It establishes the fundamental political and legal framework for the nation.

Defines the structure, powers and functions of:
    •    The Executive
    •    The Legislature
    •    The Judiciary
    •    Guarantees a comprehensive set of Fundamental Rights, including:

-Equality before law
-Freedom of speech & expression
-Protection of life and personal liberty
-Freedom of religion
-Embeds Directive Principles of State Policy, guiding governance toward social justice and welfare.
-Introduces Fundamental Duties to ensure civic responsibility among citizens.

Key Features Celebrated on Constitution Day

-The Indian constitution is considered one of the longest written constitutions of the world. It’s systematically drafted considering almost all aspects that properly fits to the country. 

-Blend of multiple global constitutional principles while staying rooted in Indian values and realities.

-Framework that balances Federalism, Secularism, Democracy and Rule of Law. This makes everyone-from President to common man-below the law & are equal in the sight of law. 

-Another feature is that it’s based on built-in mechanisms for amendments, ensuring the Constitution grows with changing needs.

Message of the Day

The core ethos of this  Constitution Day is not merely about looking back at history-it’s a reminder of the continuous duty to protect democratic values, respect diversity and uphold the principles that define India as a sovereign, socialist, secular and democratic republic.

Happy Constitution Day to all my compatriots

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