May 8, 2020 / 4:26 PM / a month ago

Saudi's PIF exploring minority stake in Reliance's Jio - Bloomberg News

Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade/Files

(Reuters) - Saudi Arabia's sovereign wealth fund is considering to buy a minority stake in Reliance Industries' digital unit Jio Platforms, Bloomberg News reported bloom.bg/35Hds3i on Friday.

The potential investment from Saudi’s Public Investment Fund (PIF), which manages over $300 billion in assets, would inject money on top of the $8 billion which Jio has already raised in three deals over the past weeks.

Earlier in the day, private equity firm Vista Equity Partners said it was buying a 2.3% stake in Jio for 113.67 billion rupees($1.5 billion).

Reliance had cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio Platforms on April 22 and a few days later, it secured a $750 million investment from private equity firm Silver Lake.

Jio and PIF did not immediately respond to Reuters’ request for comment.

Reporting by Shubham Kalia in Bengaluru; Editing by Ramakrishnan M.

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