ADIA, PIF $1 billion investment for Jio’s fibre assets likely today

MUMBAI: Ending almost a year of negotiations, Reliance Industries is likely to announce the $1 billion investment from Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund (PIF) in Jio’s fibre network, said people aware of the development.

The announcement is slated to be part of Friday’s quarterly results announcement.

The two sovereign wealth funds from the Gulf will be investing around $512 million each to acquire a total 51% in the infrastructure investment trust (InvIT) — Digital Fibre Infrastructure Trust (DFIT) — formed by Reliance Industries Ltd. The remaining 49% will be held by various Reliance entities that are also investing around a $1 billion. Of which, Reliance Industrial Investments and Holdings Ltd. (RIIHL) is investing $300 million as the sponsor of the trust. Another $650-675 million will be deployed by various entities of Reliance and Ambani family offices.