Saudi Arabia’s PIF in talks to invest $1 billion in Jio Platforms

Hyderabad(Hyd): After raking in billions of dollars from investors to rise amount for his own new tech firm Jio Platforms Ltd. (JPL), Mukesh Ambani-led Reliance Industries (RIL) may shortly sell extra stake to Saudi based People Investment Fund (PIF) for investment value $one billion in its Jio Fiber assets.

Although, neither PIF nor RIL has come out with any officer announcement as yet.

Aside from PIF, RIL is also in talks with PIF’s rival fund — Abu Dhabi Investment Authority (ADIA) for a similar investment value $one billion within the fiber assets, The Economic Times recorded citing sources.

These 2 sovereign funds have already invested regarding $2.Two billion in Jio Platforms’ $20.eight billion fund-raising exercises, that comprised the globe’s 13 main tech investors coming on board to purchase a stake in JPL.

In this phase, it’s not specific that talks with these 2 funds going to lead to a possible funding deal. However in case these 2 deals approach the final phase, the ties between RIL & the Kingdom & different Gulf countries going to be strengthened furthermore, say experts.

Notably, one such globe’s largest firm in terms of market capitalization, Saudi Arabia oil main Saudi Arabia Aramco is also in talks with RIL to purchase a big stake in its petrochemical & refining business.

The Saudi Arabia Kingdom-controlled firm had declared 2 main investment schedules within the nation. Awhile the 1st 1 is a strategic investment within the Greenfield petroleum refinery in Maharashtra(MH), the 2nd 1 is value $15 billion stake acquisition within the refining & petrochemicals business of RIL.

Presently, Jio has witnessed RIL diluting its stake to 32.97 percent to over 10 strategic along with fiscal investors. 2 big strategic investors Facebook(FB) & Google have taken an equity stake of 9.99 percent & 7.73 percent, respectively. The different big investors within the firm are Silver Lake, Vista, Gen. Atlantic, Abu Dhabi Investment Authority, Intel Capital & Qualcomm and so on.

A next-generation asset-light firm, Jio has an equity valuation within the range of INR 4.36 lakh cr to INR 4.91 lakh cr valued by strategic & fiscal investors.