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

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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.

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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.

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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.

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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.

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