Abu Dhabi Investment Authority in talks to invest in Jio Platforms

New Delhi/Mumbai: Abu Dhabi Investment Authority has joined active discussions for a minority stake in Jio Platforms as cash-rich sovereign wealth funds from the Gulf proactively seek out deals around the world, people familiar with the matter said.

ADIA follows Mubadala, the sister firm of the UAE’s largest sovereign wealth fund, which has already been in negotiations with Reliance Industries, the parent of Jio Platforms.

It is not clear how much each of the funds will invest. Both entities, along with Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), may invest close to $2 billion (Rs 15,000 crore) in Reliance’s digital business unit, the people said. PIF, though, is keen to deploy $1.1-$1.5 billion while the two UAE funds are open to putting in $1-1.25 billion. An announcement is expected shortly, even as early as this week.