Doha-based Qatar Investment Authority (QIA) is reportedly in talks with Indian conglomerate Reliance Industries Ltd. (RIL) to invest $1.5 billion (about Rs 11,200 crore) in JioFiber assets.
A report in Mint on Wednesday said that the talks between in the two firms are now at an advanced stage.
The Reliance Industries has already raised more than $20 billion via stake sales in its digital unit Jio Platforms. Company’s chief Mukesh Ambani is now looking to monetise its fibre assets held by Jio Digital Fibre, the report said.
The oil-to-telecom conglomerate has roped in Citigroup Global Markets, Moelis and Co. and ICICI Securities Ltd as its investment bankers for the said deal.
In 2019, a consortium led by Canada’s Brookfield Asset Management invested a ₹25,215 crore investment in InvIT holding RIL’s telecom tower assets.
Jio Digital Fibre is planning to expand its network of fibre-optic cables in India from a 700,000 km network to 1.1 million km, the report said.
Last year in March, the Reliance Jio Infocomm demerged its fibre and tower businesses into Jio Digital Fibre Pvt. Ltd and Reliance Jio Infratel Pvt. Ltd.