Saudi wealth fund PIF close to investing $1.5b in India's Jio: Report

Mukesh Ambani. Photographer: Simon Dawson/Bloomberg

Saudi Arabia’s wealth fund Public Investment Fund (PIF) is close to picking up a 2.33 per cent stake in Mukesh Ambani led Jio Platforms for about $1.5 billion, Gulf News reported on Monday citing an unnamed source.

The contours of the deal with Saudi Arabia’s PIF were finalised during Ramadan. With PIF coming on board, Jio Platforms may end up diluting 25 per cent of its equity, the report said. Any new investors coming on board in future will have to be strategic investors, it added.

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