Saudi wealth fund to invest $1.49 billion in India’s Jio Platforms

BENGALURU (Reuters) – Saudi Arabia’s Public Investment Fund will invest 113.67 billion rupees ($1.49 billion) in Reliance Industries Ltd’s Jio Platforms, the Indian oil-to-telecoms conglomerate said on Thursday.

The Saudi sovereign wealth funds’ investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis, Reliance said in a statement https://bit.ly/3hCckn3.

(Reporting by Philip George in Bengaluru; Editing by Vinay Dwivedi)