Indian billionaire gets $1.5b


New Delhi

Saudi Arabia’s Public Investment Fund (PIF) will buy a 2.32% stake in Reliance Industries’ digital unit Jio Platforms for $1.49 billion, the Indian conglomerate said on Thursday. The deal with the Saudi sovereign wealth fund means Reliance — controlled by Asia’s richest man Mukesh Ambani – has now sold 24.7% of Jio Platforms and raised just over $15 billion from investors including Facebook. The investment gives Jio Platforms – which comprises telecoms venture Jio Infocomm and music, movie apps – an enterprise value of 5.16 trillion rupees, Reliance said in a statement