Saudi Arabia’s the PIF (Public Investment Fund), is reportedly in talks with Indian billionaire Mukesh Ambani-controlled Reliance Industries (RIL) to pump in approximately $1 billion (which is about Rs 7,500 crore) in Reliance Jio fibre assets & adding to a stake purchase in Jio Platforms. It is worth observing here that PIF had earlier announced an investment of Rs 11,367 crore in Jio Platforms—the digital assets unit of RIL.
The Saudi Arabian sovereign wealth fund started to negotiate after rival ADIA (Abu Dhabi Investment Authority) re-engaged with Jio on a similar proposal to infuse approximately $1 billion in its pan-India fibre assets, people with knowledge of the matter told ET.
One of the persons cited above told the daily, “The re-engagement has given that extra nudge to PIF. The prolonged trend of work from home, schooling, entertainment from home has catalysed a shift in consumer preference, which in turn makes the investment thesis stronger in a country that is already among the most under-penetrated in Asia broadband connectivity.”
