Saudi Arabia's sovereign wealth fund, which has Crown Prince Mohammed bin Salman as the Chairman, is considering to buy a minority stake in Reliance Industries Ltd's (RIL) digital unit Jio Platforms, sources close to the development said.
Saudi Arabia's Public Investment Fund (PIF), which is among the largest sovereign wealth funds, manages over $320 billion in assets.
This deal would add to the three marquee investors who have already invested in Jio --Facebook, Silver Lake and Vista. Jio has raised a staggering $8 billion at a time when the world is in tumult because of the coronavirus pandemic.
After the Facebook (FB) and Silver Lake stake sale in Jio Platforms (JPL), RIL on Friday announced a deal to sell a 2.23 per cent stake in Jio Platforms (JPL) to Vista Partners for $1.5 billion. This takes the total equity flow into JPL to $7.95 billion for a total equity sale of 13.45 per cent.
Another Saudi entity, Saudi Aramco reports earnings next week and comments are expected about continued due diligence. RIL, in its analyst call, had highlighted that due diligence is ongoing regarding Aramco's proposed 20 per cent stake purchase in RIL's petroleum and petrochemical business.
While three investors have come in there are expectations of "similar sized deals" in Jio.
PIF, on its website say it wants to become the world's largest sovereign fund by a mix of domestic and international investments. In 2015, the mandate of the PIF was overhauled with Crown Prince Mohammed bin Salman as the Chairman and the PIF to report to the Council of Economic and Development Affairs (CEDA).
This news has been published via Syndicate feed. Only the headline is changed.
As you are no doubt aware, Swarajya is, all in all, a reader-subscription-backed business model and in order to make sure we build a media platform with only the best interests of India at heart, we need your backing.
And in challenging times like this, we need your support now more than ever—to continue bringing you stories that are often shrugged off.
For us to invest in quality reporting and continue bringing you the right stories, it takes a lot of time and money.
Partner with us, be a patron or a subscriber. We need your support, throughout.