Saudi's PIF to pick up 2.33% stake in Jio: Report

Mumbai: Saudi Arabia’s wealth fund Public Investment Fund (PIF) is all set to pick up a 2.33 per cent stake in Indian oil-to-telecom conglomerate Reliance Industries’ (RIL) Jio, for an estimated $1.5 billion, Gulf News reported on Monday citing an unnamed source.If PIF comes on board, Jio Platforms will have diluted 25 per cent of its equity, the report said adding that is the maximum the company intends to dilute to financial investors.Any new investors coming on board in future will have to be strategic investors, the report said.Billionaire Mukesh Ambani-led RIL has raised a record Rs 1.04 lakh crore in less than eight weeks from sale of minority stakes in its digital unit Jio Platforms to marquee investors.On Saturday evening, it announced sale of 0.93 per cent in Jio Platforms to global investment firm TPG for Rs 4,546.80 crore and 0.39 per cent to private equity firm L Catterton for Rs 1,894.50 crore.So far, Reliance Industries has sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in less than eight weeks.

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