Billionaire Mukesh Ambani-controlled Reliance Industries Limited (RIL) has announced that Saudi Arabia’s Public Investment Fund (PIF) and Abu Dhabi Investment Authority (ADIA) have invested Rs 3,779 crore each ($506 million) to acquire a total 51 per cent in the infrastructure investment trust (InvIT)—Digital Fibre Infrastructure Trust (DFIT)—formed to monetise its fibre optic network assets.
Several Reliance entities will hold the remaining 49 per cent and pump in around $1 billion. Of this, Reliance Industrial Investments and Holdings Ltd (RIIHL) will infuse $300 million as trust sponsor. Another $650-675 million will be deployed by other entities of Reliance and the Ambani family office.
Many industry insiders do not rule out the chance of RIL bringing in more investors in the fibre undertaking.
Profit moved up to Rs 2,844 crore in the quarter from Rs 990 crore a year ago and Rs 2,520 crore in the preceding quarter, Jio said in a statement on Friday.
DFIT will raise an additional Rs 25,000 crore via loans from local banks, including State Bank of India, HDFC Bank, Union Bank of India and ICICI Bank. The 51 per cent of the fibre optic business will be owned by DFIT, and the rest by RIL.
According to the filing to the Securities and Exchange Board of India (Sebi), it plans to raise Rs 14,700 crore by issuing 1.47 billion units, priced at Rs 100 apiece to investors via a private placement. It also aims to raise Rs 25,000 crore through a loan from group companies to cut existing debts and fund business expansion.
