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US, Saudi companies set eyes on buying stakes in Reliance's Jio, says Bloomberg report

U.S. private equity firm General Atlantic is considering investing about $850 million to $950 million in Jio, while  Saudi Arabia's Public Investment Fund (PIF) is also considering to buy a minority stake in the telecom arm of Reliance Industries

twitter-logo Reuters        Last Updated: May 9, 2020  | 08:58 IST
US, Saudi companies set eyes on buying stakes in Reliance's Jio, says Bloomberg report

Two more firms are eyeing a share of Reliance Industries Ltd's $65-billion digital unit Jio Platforms, according to Bloomberg News, setting them up to be a part of a growing list of firms that have recently invested in the Indian company.

U.S. private equity firm General Atlantic is considering investing about $850 million to $950 million in the Mumbai-based company, a Bloomberg report here said, citing people with knowledge of the matter. The deal could be completed as soon as this month, though no agreement has been finalized and plans may change, it added. Saudi Arabia's Public Investment Fund (PIF) is also considering to buy a minority stake in Jio, Bloomberg said in a separate report.

General Atlantic declined to comment on the report, while Jio and PIF did not immediately respond to Reuters request for comment. Hours earlier on Friday, Reliance Industries announced a $1.5 billion stake sale in Jio to Vista Equity Partners, the third deal in just over two weeks.

The conglomerate cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio on April 22 and a few days later, it secured a $750 million investment from private equity firm Silver Lake. Together the three deals will inject a combined $8 billion in the telecoms-to-energy group and help it pare its debt.

U.S. private equity firm General Atlantic is considering investing about $850 million to $950 million in the Mumbai-based company, a Bloomberg report here said, citing people with knowledge of the matter. The deal could be completed as soon as this month, though no agreement has been finalized and plans may change, it added. Saudi Arabia's Public Investment Fund (PIF) is also considering to buy a minority stake in Jio, Bloomberg said in a separate report.

General Atlantic declined to comment on the report, while Jio and PIF did not immediately respond to Reuters request for comment. Hours earlier on Friday, Reliance Industries announced a $1.5 billion stake sale in Jio to Vista Equity Partners, the third deal in just over two weeks.

The conglomerate cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio on April 22 and a few days later, it secured a $750 million investment from private equity firm Silver Lake. Together the three deals will inject a combined $8 billion in the telecoms-to-energy group and help it pare its debt.

Also read: BT BUZZ: Don't be naive! Reliance Jio-Facebook deal is a partnership of unequals

Also read: Mukesh Ambani's Jio Platforms scores hat-trick; bags Rs 11,367 cr investment from Vista after FB, Silver Lake

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