Saudi Arabia’s Wealth Fund and US-based General Atlantic are in talks with the Reliance Industries Ltd’s Jio Platforms, Bloomberg reports stated, extending the list of mega investors that have recently invested In India’s youngest but biggest telecom.
As per the latest report, the US-based private equity firm is considering to invest $850 million to $950 million in Jio.
The deal is believed to be finalised in a month, though no agreement has been finalised yet, the report said, citing people privy to the details of the deal.
In another report, published on Friday, Bloomberg said that Saudi Arabia’s Public Investment Fund (PIF) is also considering to purchase a minority stake in Jio Platforms.
However, the report did not mention any details of the ongoing deal.
At the time of the reporting, none of the three companies had issued any statement on their respective deals.
Earlier on Friday, Vista announced an investment of Rs 11,367 crore ($1.5 billion) for 2.32 per cent stake in billionaire Mukesh Ambani’s Jio Platforms, a third high profile investment in less than three weeks.
Prior to that, Facebook had bought 9.99 per cent stake in Jio Platforms – the firm that houses India”s youngest but biggest telecom firm, for Rs 43,574 crore ($5.7 billion). That deal was followed by Silver Lake – the world”s largest tech investor – buying 1.15 per cent stake in Reliance’s technology arm for 5,665.75 crore ($750 million).
With all three investments, Jio Platforms has now raised Rs 60,596.37 crore ($8 billion) from leading technology investors in less than three weeks.
Any new investment will only add to the existing Rs 60,596.37 crore from that Mukesh Ambani sealed in last weeks.