Mukesh Ambani after raking in billions of dollars from investors to raise money for his new tech company Jio Platforms Ltd. (JPL), Now the Reliance Industries (RIL) will soon sell stakes to Saudi Arabia based Public Investment Fund (PIF) for investment worth $1 billion in its Jio Fibre assets.

However, till now no official confirmation has been made from the side of PIF and RIL. Apart from the PIF company, RIL is also dealing with PIF’s rival fund — Abu Dhabi Investment Authority (ADIA) for a similar investment worth $1 billion in the fibre assets. This was reported by Economic Times citing sources.

However, the world’s 13 major tech investors coming on board to buy a stake in JPL. Before, these sovereign funds also invested about $2.2 billion in Jio Platforms’ $20.8 billion fund-raising exercises.

Till, now it is not sure that talks with these two funds will result in funding deal or not. But if these two deals reach become successful, then for further the ties between RIL and the Kingdom and other Gulf nations will be strengthened, as per the experts.

In the terms of market capitalization, it is one of the world’s biggest company, Saudi oil major Saudi Aramco is also in talks with RIL to buy stakes in its petrochemical and refining business.

The Saudi company had also revealed about its two major investment plans in the country. Whereas, the first one is a strategic investment in the Greenfield petroleum refinery. The second one in Maharashtra is of worth $15 billion stake acquisition in the refining and petrochemicals business of RIL.

Jio currently has seen RIL diluting its stake to 32.97 per cent to over ten strategic as well as financial investors. Two big investors Facebook and Google have also taken an equity stake of 9.99 per cent and 7.73 per cent. The other investors in the company are Silver Lake, Vista, General Atlantic, Abu Dhabi Investment Authority, Intel Capital and Qualcomm etc.