Saudi Arabia’s wealth fund PIF, Public Investment Fund is all geared up to pick up 2.33 per cent stake in Jio Platforms, part of India’s oil to telecom conglomerate, Reliance Industries Limited. The company is in a conversation for an approximate $1.5 billion investment, Gulf News revealed on Monday.
If PIF comes on board, Jio Platforms will have a cut of 25 per cent of its equity. Further adding to this, the report also informed that, for RIL it is the maximum the company aims to dilute to financial investors. And, any new investors joining to be a part of the venture in future, will have to be strategic investors, the report said.
Billionaire Mukesh Ambani-led Reliance and has elevated a track record of Rs 1.04 lakh crore in less than eight weeks from sale of minority stakes in its digital unit Jio Platforms to top-notch investors.
On Saturday evening, it declared sale of 0.93 per cent in Jio Platforms to global investment firm TPG for Rs 4,546.80 crore and 0.39 per cent to private equity firm L Catterton for Rs 1,894.50 crore.
Up till now, Reliance Industries has traded 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in less than eight weeks.