PIF acquires 2.33 % stake in Ambani’s RIL for $1.5 Billion. One of Saudi Arabia’s biggest wealth fund is Public Investment Fund (PIF). Moreover, it is all set to pick up a 2.33 % stake in Indian oil-to-telecom conglomerate Reliance Industries Jio. Also, for an estimate of $1.5 billion. Gulf News reported on Monday citing an unnamed source.
Equity Stake Sale at Jio Platforms
However, If PIF acquires 2.33 % stake coming on board, Jio Platforms will have diluted 25 % of its equity. Also, the report said adding that. It is the maximum the company intends to dilute to financial investors.
Furthermore, any new investors coming on board in future will have to be strategic investors, the report said. Billionaire Mukesh Ambani is the Chief Executive and President to Reliance Industries Limited. He has raised a record of Rs 1.04 Lakh Crore in less than eight weeks. Which happened from sale of minority stakes in its digital unit Jio Platforms to marquee investors.
Lest, on Saturday evening, it announced sale of 0.93 % in Jio Platforms. Which was made to global investment firm TPG for Rs 4,546.80 Crore. Also, 0.39 % was made to private equity firm L Catterton for Rs 1,894.50 Crore.
Henceforth so far, Reliance Industries has sold 22.38 % of Jio Platforms to investors including Facebook Inc. And securing Rs 104,326.95 Crore in less than eight weeks.
Mukesh Ambani has truly made billions with his cheap digital service Jio Platforms. Since, the Government is emphasizing on privatization. The Ambani Business has received support to take over businesses. Because, they have incurred losses due to the COVID-19 Pandemic. Firstly, the Government is reducing the paperwork to encourage the same. Secondly, they are allowing market values to fall to increase investments. Lastly, they are signing agreements to take back the firms once the situation is over promising equity instead.
