Sunday 1 November 2020

ADIA, PIF Invest $1 Billion in Reliance’s Fiber-Optic Assets - Bloomberg

ADIA, PIF Invest $1 Billion in Reliance’s Fiber-Optic Assets - Bloomberg

Reliance Industries Ltd. is raising $1 billion in investment from two sovereign wealth funds as investors double down on the consumer businesses of Asia’s richest man, who’s diversifying his conglomerate away from oil refining.

Abu Dhabi Investment Authority, or ADIA, and Saudi Arabia’s Public Investment Fund, or PIF, will each invest 37.8 billion rupees ($507.2 million) in buying units of Digital Fibre Infrastructure Trust, Reliance said in a post-earnings presentation on Friday. The company highlighted the “induction of strong partners” in what it called a “critical asset base.”

The latest fund infusion underscores the confidence of marquee investors in billionaire Mukesh Ambani’s plans to transform his conglomerate into a retail and technology behemoth and pivot away from its staple oil-refining business that he inherited after his father died in 2002. He has already secured over $25 billion investment from backers such as Facebook Inc. and Google.

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