India’s Reliance Jio sells $1.5 billion stake to Saudi Arabia’s Public Investment Fund


Billionaire Mukesh Ambani has discovered yet one more high-profile firm to write down a large check to his telecom company Reliance Jio Platforms at the peak of a worldwide pandemic.

Saudi Arabia’s Public Investment Fund, one of many large and most impactful sovereign wealth funds on the planet, mentioned on Thursday it would make investments $1.5 billion within the top Indian telecom operator for a 2.32% stake within the firm.

With this deal, Jio Platforms, which is India’s greatest telecom operator with 388 million subscribers, has raised 15.2 billion from ten buyers together with social giant Facebook in the past 9 weeks.

For some context, India’s startup ecosystem raised a record $14.5 billion final 12 months.


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