iWorld
Saudi Arabia’s Public Investment Fund to invest Rs 11,367 cr in Jio Platforms
MUMBAI: Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), India’s leading digital services platform, today announced an investment of Rs 11,367 crore by The Public Investment Fund (“PIF”). This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. PIF’s investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020.
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. Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology company focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain. Jio Platforms’ vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, microbusinesses and farmers, so that all of them can enjoy the fruits of inclusive growth.
PIF is the sovereign wealth fund of Saudi Arabia and as part of its mandate to diversify its economy, has made its largest investment into the Indian economy to-date. This investment is in line with PIF’s strategy and mandate of investing in sectors and companies that generate long-term commercial returns to drive Saudi Arabia’s economic transformation as part of Vision 2030 objectives. This investment supports PIF’s mandate of building strong global investment partnerships to further Saudi Arabia’s investment reach and exposure.
Reliance Industries chairman and managing director Mukesh Ambani 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. I have greatly admired the defining role PIF has played in driving the economic transformation of the Kingdom of Saudi Arabia. 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.”
His Excellency Yasir Al-Rumayyan, PIF governor, 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.”
The transaction is subject to Indian regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries and AZB and Partners and Davis Polk & Wardwell acted as legal counsels.
iWorld
Telcos push for unified rules as spam shifts to OTT platforms
Over 80 per cent fraud moves online, operators seek common framework.
MUMBAI: The spam may have left your phone network but it hasn’t left you alone. India’s telecom operators are once again dialling up the pressure for a unified regulatory framework, warning that fraud is rapidly migrating to internet-based platforms where oversight remains far looser. According to industry communication, a leading operator has written to multiple arms of the government including the Department of Telecommunications, the Ministry of Electronics and Information Technology and the Ministry of Finance arguing that tighter controls on traditional telecom networks are inadvertently pushing bad actors towards over-the-top (OTT) communication platforms.
The concern is not new, but the framing has sharpened. What was once an industry grievance is now being positioned as a consumer protection issue. Operators say that tackling spam in silos no longer works, as fraudsters seamlessly shift across platforms, exploiting regulatory gaps. The result: a moving target that traditional safeguards struggle to contain.
Executives point to a clear shift in fraud patterns. OTT platforms are increasingly being used for phishing links, impersonation scams and bulk unsolicited messaging, with industry estimates suggesting that over 80 per cent of spam activity has now migrated online. In this environment, the lines between telecom networks, messaging apps and financial fraud are blurring fast.
At the heart of the industry’s demand is a call for a technology-neutral regulatory framework, one that applies consistently across telecom and internet-based communication services. Operators argue that the absence of uniform safeguards, such as sender verification systems, robust spam filters and clearly defined accountability mechanisms, has created enforcement blind spots that fraudsters are quick to exploit.
The proposal is straightforward but far-reaching. Telcos are pushing for baseline anti-fraud measures across all communication platforms, alongside faster response systems and deeper coordination between ministries. Given the interconnected nature of telecom networks, digital platforms and financial systems, they argue that fragmented oversight only weakens the overall defence.
The broader issue is regulatory arbitrage, the ability of bad actors to hop between platforms based on which is least regulated at any given time. Without harmonised rules, operators say, efforts to curb fraud risk becoming a game of whack-a-mole.
As digital communication continues to expand, the debate is shifting from who regulates what to how consistently it is regulated. For now, telecom operators are making their case clear: in a world where spam travels freely, regulation cannot afford to stay fragmented.
