Saudi, US Firms Eye Stakes in India’s Reliance Jio

Image Credit: Reuters
- Advertisement -

Two more firms are eyeing a share of Reliance Industries Ltd’s $65-billion digital unit Jio Platforms, according to Bloomberg News, setting them up to be a part of a growing list of firms that have recently invested in the Indian company.

U.S. private equity firm General Atlantic is considering investing about $850 million to $950 million in the Mumbai-based company.

The deal could be completed as soon as this month, though no agreement has been finalized and plans may change, it added.

READ  Saudi Crown Prince To Visit India Today

Saudi Arabia’s Public Investment Fund (PIF) is also considering to buy a minority stake in Jio, Bloomberg said in a separate report.

Hours earlier on Friday, Reliance Industries announced a $1.5 billion stake sale in Jio to Vista Equity Partners, the third deal in just over two weeks.

The conglomerate cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio on April 22 and a few days later, it secured a $750 million investment from private equity firm Silver Lake.

READ  Saudi Arabia Signs Several Business Agreements In Bangladesh

Together the three deals will inject a combined $8 billion in the telecoms-to-energy group and help it pare its debt.

The potential investments from New York-based General Atlantic and the Saudi sovereign wealth fund, which manages over $300 billion in assets, would inject money on top of the $8 billion which Jio has already raised.

Comments

- Advertisement -