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

Mukesh Ambani, billionaire and chairman and managing director of Reliance Industries Ltd., pauses during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 17, 2017. 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.

Jio Platforms is a wholly-owned unit of Reliance Industries Limited (RIL) and owns the group’s digital businesses including Jio, Jio Pay and Jio Mart. Reliance has so far sold over 22 per cent of Jio Platforms to different investors including Facebook Inc, global investment firm TPG, private equity firm L Catterton and Silver Lake, securing $13.72 billion in the past eight weeks.

The last deal, which was announced on Saturday, saw TPG buying a 0.93 per cent stake in Jio for $598 million, while private equity firm L Catterton picked up a 0.39% stake for $249 million. Separately, Abu Dhabi’s Mubadala and ADIA have picked up significant stakes amounting to $1.2 billion and $750 million, respectively in the company.

In April, social media giant Facebook Inc announced an investment of $5.7 billion in Jio Platforms. The investment made Facebook the largest minority shareholder in the Indian company.

Reliance Jio, the fast-growing telecom carrier controlled by billionaire Mukesh Ambani, began operations in late 2016. Reliance is also considering an overseas listing of Jio Platform, reported Mint in May.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.