SoftBank eyes $2-3 billion investment in Mukesh Ambani’s Reliance Jio

Japan’s SoftBank is looking at buying a $2-3 billion stake in Reliance Jio, Reliance Industries’ telecom subsidiary and the country’s fastest-growing telco.

“For the past two years, our conversations with investors have highlighted the expectations of SoftBank investing in Jio and hence the news flow is not surprising,” wrote Pinakin Parekh, analyst, JP Morgan, in a report to investors.

Mukesh Ambani-led Reliance Industries Ltd (RIL) is interested in deleveraging its balance sheet, and reports of SoftBank’s Jio investment follow last week’s news that Saudi Aramco is in talks with RIL to pick up to 25 per cent in the latter’s refining and petchem business for $10-15 billion.