Saudi, American firms eye stakes in Reliance’s Jio

Two more firms are eyeing a share of Reliance Industries Ltd’s $65-billion digital unit Jio Platforms, according to Bloomberg News, setting them up to be a part of a growing list of firms that have recently invested in the Indian company.

US private equity firm General Atlantic is considering investing about $850 million to $950 million in the Mumbai-based company, a Bloomberg report said, citing people with knowledge of the matter.

The deal could be completed as soon as this month, though no agreement has been finalized and plans may change, it added.

Saudi Arabia’s Public Investment Fund (PIF) is also considering to buy a minority stake in Jio, Bloomberg said in a separate report.