Jio Platforms to sell 2.33% stake to Saudi Arabia’s PIF for $1.5 billion: Report
NEW DELHI: Saudi Arabia’s wealth fund Public Investment Fund (PIF) is reportedly readying to buy a 2.33% stake in Jio Platforms for an estimated $1.5 billion, Gulf News reported on Monday. With the investment, PIF is set to become the tenth investor to make an investment in Jio Platforms.
Abu Dhabi’s Mubadala and ADIA have already picked up significant stakes amounting to $1.2 billion and $750 million, respectively, in Jio Platforms.
Reliance Industries on Saturday said that it was selling a combined 1.32% For Rs6441.3 crore to US private equity firms TPG and L Catterton. These were the eighth and ninth investors, respectively, to announce picking up stake in the Reliance Industries’ (RIL) telecom and digital business in seven weeks.
While TPG is set to invest Rs 4,546.80 crore in Jio Platforms for a 0.93% stake, L Catterton will invest another Rs1,894.50 crore to pick up 0.39%.
The Jio Platforms unit comprises mostly its telecom business under Reliance Jio Infocomm, which is the largest in the country with more than 388 million subscribers, besides other digital properties and investments. Reliance, which is trying to transform into a consumer technology giant from an oil and petrochemicals major, has talked about building Jio Platforms into a digital entity on the lines of Alphabet and Tencent.