Jio Platforms to sell 2.33% stake to Saudi Arabia’s PIF for $1.5 billion: Report

NEW DELHI: Saudi Arabia’s wealth fund Public Investment Fund (PIF) is reportedly readying to buy a 2.33% stake in Jio Platforms for an estimated $1.5 billion, Gulf News reported on Monday. With the investment, PIF is set to become the tenth investor to make an investment in Jio Platforms.

Abu Dhabi’s Mubadala and ADIA have already picked up significant stakes amounting to $1.2 billion and $750 million, respectively, in Jio Platforms.

Reliance Industries on Saturday said that it was selling a combined 1.32% For Rs6441.3 crore to US private equity firms TPG and L Catterton. These were the eighth and ninth investors, respectively, to announce picking up stake in the Reliance Industries’ (RIL) telecom and digital business in seven weeks.