Three of the most largest sovereign Middle Eastern giant wealth funds are in a positive conversation to invest in the Reliance Industries Ltd. According to the sources, ‘it will potentially add to the roster of marquee investors that have piled into the business’.
Reliance Industries, leads by one name; Mukesh Ambani, Asia’s richest man who also currently is in discussion with Abu Dhabi’s Mubadala Investment Co. who are a whisk away to close a deal to invest about $1 billion into the Jio Platforms Ltd.Also an official announcement followed to this can be expected in the coming weeks, as per the sources.
The series of investments by technology giants and private equity firms, will help Ambani’s stated goal of backlashing debt at Reliance Industries Limited. The external funding also helps set a valuation for Jio, which until recently has mainly been owned by the billionaire’s cluster, as it prepares for the listing.
Couple of new investments are bound to add to the $10 billion that Jio Platforms has raised in recent weeks, Reputed investors from Facebook Inc. to KKR are speculating on Jio’s approach to India’s enormous consumer market, and its likeliness to boom the traditional industries in the country starting from retail to education and payments with its power of technology.
However, until a final and concrete decision is made public, there are chances that the the negotiations could still be delayed or fall apart, the sources further added.