Saudi wealth fund PIF to pick stake in Jio for $1.5b

Suadi Arabia’s wealth fund Public Investment Fund (PIF) is reportedly investing around $1.5 billion in Reliance Jio for 2.33% stake, If this goes thru it will mark the 11th deal closed by the Reliance Industries, Gulf News was the first to report this

By now, Jio has managed to raise Rs 1,04,326.65 crore from 9 investors by diluting a 22.38% total stake.

Jio is likely not to dilute more than 25% stakes. The Gulf News also added any new investors coming on board after PIF will have to be ‘strategic investors’.