Saudi Arabia’s Public Investment Fund (PIF) is in discussions with Reliance Industries to invest around $1 billion in Jio’s fibre assets, according to the Economic Times. PIF initiated the discussions after the Abu Dhabi Investment Authority (ADIA) re-engaged with Jio on a plan to invest about $1 billion in its pan-India fibre assets, the report said. It added that the talks may not necessarily culminate into a deal.

The equity value of Jio’s fibre backbone is estimated to be around $8 billion, excluding liabilities, as per the report. Revenue streams from sales generated by third parties using the network are reportedly being finalised. The report said that half of Jio’s fibre capacity was to be used by its subscribers, while the remaining half by third-party users.

PIF recently invested Rs 11,367 crore in Jio Platforms, as the telco attracted a flurry of investments, helping it raise a total of Rs 1,52,055.45 crore from external investors, including Facebook and Google. These are now all of Jio Platforms’s external investors:

Investor [Stake%] Amount (₹)
Facebook [9.9%] 43,574 crore (US$5.7 billion)
Silver Lake (12) [2.08%] 10,202.55 crore (US$1.34 billion)
Vista [2.32%] 11,367 crore (US$1.5 billion)
General Atlantic [1.34%] 6,598.38 crore (US$870 million)
KKR & Co. Ltd. [2.32%] 11,367 crore (US$1.5 billion)
Mubadala [1.85%] 9,093.60 crore (US$1.2 billion)
Abu Dhabi Investment Authority [1.16%] 5,683 crore (US$747 million)
TPG Capital [0.93%] 4,546.80 crore (US$600 million)
L Catterton [0.39%] 1,894.50 crore (US$250 million)
Public Investment Fund [2.32%] 11,367 crore (US$1.5 billion)
Intel Capital [0.39%] 1,894.50 crore (US$250 million)
Qualcomm Ventures [0.15%] 730 crore (US$97 million)
Google [7.7%] 33,737 crore (US$4.5 billion)