Saudi Arabia’s $320 billion sovereign wealth fund PIF is exploring a potential investment in Indian business conglomerate Reliance Industries Limited's digital unit, reported Bloomberg, citing people with knowledge of the matter.
The PIF is considering purchasing a minority stake in Jio Platforms, said the people, who asked not to be identified as the information is private. Deliberations are ongoing and might not lead to a transaction, they stated.
Representatives for Reliance and PIF didn’t immediately respond to requests for comment.
Any new investment into Jio Platforms will add to the $8 billion deal run that billionaire Mukesh Ambani has sealed in the past weeks.
Facebook had last month agreed to pay $5.7 billion for a 10% stake in the digital unit, while Silver Lake Partners and Vista Equity Partners this week said they would invest about $2.25 billion in total.
Reliance is also in talks with Saudi Aramco to sell an estimated $15 billion stake in its oil-and-chemicals business, reported Bloomberg.
The Indian conglomerate last week reassured investors that the discussions are still on course as the crude oil crash sparked by the pandemic spurred skepticism over the negotiations, it added.
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