Saudi Arabia based Public Investment Fund (PIF) is reportedly in discussion with Reliance Industries Limited (RIL) to invest around $1 billion in Jio’s fibre assets. This will further add to its stake purchase in Jio Platforms.

This additional investment is in line with PIF’s plans to rejig its $300 billion portfolio – booking profits from its large Silicon Valley, Big Oil and aviation bets and withdrawing from English Premier League club investments.

As per industry sources, PIF began talks after its competitor Abu Dhabi Investment Authority (ADIA) re-engaged with Jio on a plan to invest about $1 billion in its pan-India fibre assets.