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Saudi Arabia’s PIF to buy 2.33% Stake in RIL’s Jio for $1.5 Billion

saudi-arabias-pif-set-to-pick-up-2-33-stake-in-rils-jio

Mumbai: Reliance Industries to sell out 2.33% share of RIL’s Jio to Saudi Arabia’s wealth fund Public Investment for $1.5 billion, Gulf News reported on Monday.

With the closure of this deal, the Jio platform will be done diluting 25 per cent of its equity. Adding PIF on board intends to dilute to maximum financial investors.

The report said, “Entry of any new investors in the coming future will have to be now a strategic investor“.

Mukesh Ambani, CEO & Director of Indian oil to telecom conglomerate multi-billion dollars Reliance Industries has added another $1.5 billion to 104,326.95 crores raised in less than eight weeks from the sale of JioPlatforms minority stake to well-known investors all over the world including Facebook Inc.

Recently, Jio announced stake sale of 0.93 per cent to TPG (A Global Investment Firm) for Rs 4,546.80 crors along with the sale of 0.39 to L Catterton (A private equity firm) for Rs 1,894.50 crore.

RIL has secured 1.04 lakh crore in less than eight weeks through selling 22.38 per cent stake of Jio Platforms so far.

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