Saudi PIF exploring potential investment in Reliance digital unit

09/05/2020 Argaam

 

Saudi Arabia's the Public Investment Fund (PIF) is considering purchasing a minority stake in Jio Platforms, Reliance Industries Ltd.’s digital unit, Bloomberg has reported.

 

The potential investment into Jio Platforms will add to the $8 billion funds raised by the company over the last few weeks.

 

On Friday, Vista Equity Partners said it would buy 2.3% of Jio for $1.5 billion. Also,

Facebook Inc agreed in April to pay $5.7 billion for a 9.99% stake in the digital unit, while Silver Lake Partners said it would invest about $750 million in total.

 

The PIF had its mandate broadened in 2015 by Crown Prince Mohammed bin Salman to include international investments to support economic diversification. The sovereign wealth fund is looking into “any opportunity” arising from the economic wreckage of the crisis, said the fund’s governor, Yasir Al-Rumayyan at a virtual event last month. The fund expects to see “lots of opportunities,” he said, citing airlines, energy and entertainment companies as examples.

 

Jio and the PIF declined to comment on the news.

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