According to Bloomberg News, two additional companies take part in Reliance Industries Ltd’s $65 billion digital unit ‘Jio Platforms’ and placed it in a – list of companies which have recently invested in the Indian business.
U.S. private equity firm General Atlantic is considering investing in the Mumbai-based business from about $850 million to $950 million, a Bloomberg report said, citing people with knowledge of the matter.
The agreement could be concluded as soon as this month, although no agreement has been finalised and plans can change, he added.
The Saudi Arabia Public Investment Fund (PIF) is also considering buying a minority stake in Jio, Bloomberg said in a separate report.
General Atlantic declined to comment on the report, while Jio and PIF did not respond immediately to Reuters’ request for comments.
Earlier this Friday, Reliance Industries announced a $1.5 billion stake in Jio ‘s sale to Vista Equity Partners, the third deal in just over two weeks.
The conglomerate cut a $5.7 billion deal with Facebook at 9.99 per cent stake in Jio on April 22 and, a few days later, secured $750 million in private equity investment from Silver Lake.
Together, the three deals will contribute a total of $8 billion to the Telecoms-to-Energy Group and help it meet its debt.
Vista ‘s investment provided Jio with an equity value of 4,91 trillion rupees ($65 billion) and an enterprise value of 5.16 trillion rupees, said Reliance, controlled by billionaire tycoon Mukesh Ambani.
The potential investment from New York-based General Atlantic and the Saudi sovereign wealth fund, which manages more than $300 billion in assets, would add up to the $8 billion that Jio has already raised.
Saudi PIF has bought minority stakes from a number of companies. Last month, an 8.2 per cent stake in coronavirus hit Carnival Corp was disclosed and the cruise operator’s shares were almost 30 per cent higher.