According to the report, the sovereign fund’s talks with Reliance on the deal are now at an advanced stage.
RIL has roped in Citigroup Global Markets, Moelis and Co and ICICI Securities Ltd have as investment bankers for the deal, revealed the Mint report.
QIA’s proposal is the latest among a host of similar deals executed in recent times by RIL which is trying to remodel itself as primarily a consumer tech player, pivoting away from being just an oil & gas behemoth. Jio is also betting big on 5G for propelling the next set of services.
Over a dozen companies including Qualcomm ventures, Intel Capital, Facebook, Google, Abu Dhabi’s two largest sovereign investment arms (Abu Dhabi Investment Authority and Mubadala) Silver Lake, Vista Equity Partners, General Atlantic, KKR, TPG, L Catterton and Saudi Arabia’s Public Investment Fund (PIF), have already put their money on Ambani.