According to ArabiaNet, the completion of the investment deal is subject to the required regulatory approvals, as the Fund signed an agreement to acquire a share of 2.32% of the shares of Geo Platforms. >
The deal comes in line with the Fund's efforts to invest in sectors and companies that achieve attractive long-term financial returns and contribute to the efforts of economic transformation and growth in the Kingdom.
We are happy to invest in an innovative company, which is at the forefront of the technological transformation sector in the state of India, and we look forward to a promising future. For the digital economy through Geo Platforms which provides us with a great opportunity to reach this growth, and this investment will enable us to achieve long-term financial returns for the Public Investment Fund, in order to achieve the goals of the economic transformation of the Kingdom.
On his part, Chairman and CEO of Reliance Industries, Mukesh Ambani, said: In Reliance, we have a long and fruitful relationship with the Kingdom of Saudi Arabia from the stage of the oil economy. This relationship continues to strengthen the digital economy in India, and this is reflected in the investment of the Public Investment Fund in Geo Platforms. Ambitious steps to accelerate India's digital transformation.
Geo Platforms, the wholly owned subsidiary of Reliance Industries, is a cutting-edge technology platform that is interested in providing high quality digital services at a moderate cost across India, serving more than 388 One million subscribers, and the company has made significant investments in its digital system, taking advantage of leading technologies that include broadband, smart devices, cloud computing, big data analysis, artificial intelligence, the Internet of things, augmented reality, virtual reality and blockchain.
It is worth noting that Geo Platforms recently acquired many investments from international companies, including Facebook, Silver Lake Investment Fund and Mubadala Investment Company. p>
The General Investment Fund continues its efforts as an effective engine for economic diversification in the Kingdom, in line with Vision 2030, as it focuses its international investment portfolio on investments that contribute to diversification of income sources. Achieving attractive long-term financial returns that benefit the Kingdom's economy.
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