Saudi Arabia’s Public Investment Fund (PIF) has initiated discussions to invest up to $1 billion in Reliance Industries’ infrastructure investment trust (InvIT) Jio Digital Fibre, said the sources.
Going by a report last month, Abu Dhabi Investment Authority (ADIA) re-engaged in talks to invest in Jio Digital Fibre. ADIA and PIF are expected to be anchor investors in the InvIT with the former possibly leading the consortium.
PIF is in the process of rejigging its $300 billion portfolio - booking profits from its large Silicon Valley, Big Oil and aviation bets and withdrawing from English Premier League club investments, the report said.
Previously ADIA committed $752 million and PIF $1.5 billion to Jio Platform’s $20.8 billion fundraise that saw 13 investors including American giants Facebook and Google.
Reliance had transferred its tower and fibre assets to two special purpose vehicles (SPVs) owned by two InvITs. The investment talks last year with ADIA-led consortium of GIC of Singapore and I Squared Capital fell through due to differences in commercial and operating terms.
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