New Delhi: Economists across the world may be worried about the Coronavirus epidemic, but the Reliance Group’s good days in India continue. There is a line of foreign companies to invest in Reliance’s Jio platforms. Now Saudi Arabia’s Public Investment Fund (PIF) is preparing to make a big investment to buy a 2.33 percent stake in Jio.
According to a Gulf News, PIF is considering buying a 2.33 per cent stake in Jio platforms. It is a sovereign fund of Saudi Arabia i.e. the government’s fund. If this deal is done, a total of 25 percent of Reliance Jio platforms will go into the hands of foreign companies. Reliance’s plan is to sell its stake up to 25 percent. Reliance Group wants to free itself of debt in this way.
In the last few weeks more than half a dozen foreign investments have been received in Reliance Jio. The most recent names in this line are TPG and L Catterton. These two companies have got 0.93 percent and 0.39 percent share in Jio Platforms Limited (JPL) for Rs 4,546.80 crore and Rs 1,894.50 crore respectively. Jio Platforms has sold a total of 22.38 per cent stake for Rs 1.04 lakh crore. Earlier, foreign companies like Facebook, Silver Lake, Vista Equity, General Atlantic, KKR and Mubadala have also announced to invest in Reliance.
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