After Facebook, Reliance Industries in talks with other investors for similar-size stake sale

Days after selling a stake in its digital arm to Facebook for USD 5.7 billion, Reliance Industries on Thursday said it is in talks with other strategic and financial investors for a similar-sized deal that will help cut debt at the unit that houses India’s youngest but biggest mobile operator. Without revealing the identity of the companies, RIL in its fourth-quarter earnings statement said the investment would be announced in the coming months.

“In addition to the FB investment, the board was informed that RIL has received strong interest from other strategic and financial investors and is in good shape to announce a similar-sized investment in the coming months,” it said.
Ahead of last week’s announcement of Facebook buying a 9.99 per cent stake in Jio Platforms Ltd, there were unconfirmed reports of the company being in parallel discussions with Google.