According to Bloomberg, two more firms are looking to invest in Reliance Industries Ltd’s digital unit, Jio Platforms Ltd. United States private equity firm General Atlantic is said to be considering investing about US$850 million to US$950 million in the Mumbai-based company.
The anonymous source with knowledge of the matter also stated that a deal could be completed as soon as this month subject to change.
In a separate report it was also stated that Saudi Arabia’s Public Investment Fund (PIF) is also considering buying a minority stake in Jio.
The potential investments from General Atlantic and the Saudi sovereign wealth fund, which manages over US$300 billion in assets, would inject money on top of the US$8 billion which Jio has already raised.
Hours earlier on Friday, Reliance Industries announced a US$1.5 billion stake sale in Jio to Vista Equity Partners. This marked the third deal in just over two weeks. The conglomerate also secured a US$5.7 billion deal with Facebook for a 9.99% stake in Jio on April 22. With this investment, Facebook is provided direct access to Jio’s 370 million subscribers and a strong entry into a booming mobile market.
A few days after the Facebook deal, Jio secured another US$750 million investment from private equity firm Silver Lake.
Jio Platforms is expected to act as an umbrella platform for all the Reliance-owned digital businesses. This includes Reliance Jio, MyJio, JioTV, JioCinema, JioNews and JioSaavn.