Saudi Arabia's Public Investment Fund looks to invest up to $1 billion in Jio's fibre assets.

Saudi Arabia's Public Investment Fund (PIF) has initiated discussions with Reliance Industries (RIL) on investing as much as $1 billion in Jio's fibre assets, said several people aware of the matter, adding to a stake purchase in Jio Platforms.

The sovereign wealth fund (SWF) 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.

PIF began talks after rival Abu Dhabi Investment Authority (ADIA) re-engaged with Jio on a plan to invest about $1 billion in its pan-India fibre assets, said the people cited above. RIL declined to comment. PIF didn't respond to queries.

Both ADIA and PIF have contributed a total $2.2 billion to Jio Platform's $20.8 billion fundraise that saw 13 investors, led by Facebook, coming on board in less than three months. A fibre deal could further strengthen ties between the Kingdom and India's biggest company.

"Saudi Aramco is already negotiating to invest in Reliance's refining and petrochemical business," said a long-time Ambani family associate.

"From a pure vendor arrangement between an oil producer and a refiner, both Crown Prince Mohammed bin Salman and (RIL chairman) Mukesh Ambani want to cement their association as strategic partners."

ET