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Saudi Arabia's PIF To Invest $1.5 Billion For 2.33 Per Cent Stake In Mukesh Ambani's Jio Platforms
Reliance Industries chairman Mukesh Ambani at a Jio event. (digit.in)
Having already garnered over Rs 1.04 lakh crore as investments from reputed foreign investors in less than 8 weeks, Mukesh Ambani led Reliance Industries is likely to receive another $1.5 billion investement from Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), for a 2.33 per cent stake in Jio Platforms, reports Economic Times.
If the PIF comes on board, Jio Platforms would have diluted 25 per cent of its equity, a Gulf News report said, adding that it is the maximum the company intend to dilute to financial investors.
Any new investors coming on board in future will have to be “strategic investors, a tech giant, for instance,” the report quoted a source, who was part of the deal-making process, as saying.
The financial investors who had picked up stake in the company include Facebook, Vista Equity, TPG Global, General Atlantic, L Catterton, Mubadala, Silver Lakes and others.
Earlier on Saturday (13 June), American private equity firm TPG said that it will invest $600 million in Jio Platforms for a 0.93% stake in the company.
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