RIL says ADIA & PIF to invest ₹3,779 crore each in Jio Fibre InvITs1 min read . Updated: 30 Oct 2020, 09:47 PM IST
- The sovereign wealth funds from Gulf will acquire a total 51% in the infrastructure investment trust
- The remaining 49% will be held by various Reliance entities
Reliance Industries on Friday said that Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund (PIF) have invested ₹3,779 crore each in Jio Fibre's network. The sovereign wealth funds from Gulf will acquire a total 51% in the infrastructure investment trust (InvIT) — Digital Fibre Infrastructure Trust (DFIT). The remaining 49% will be held by various Reliance entities.
DFIT plans to raise ₹14,700 crore by issuing 1.47 billion units, priced at ₹100 a piece to investors via a private placement. It also aims to raise ₹25,000 crore through a loan from group companies to reduce existing debts and fund business expansion, according to the filing to the Securities and Exchange Board of India.
Jio is now rolling out a high-speed, low-latency optical fibre network to more than 50 million homes and premises. Jio has become the only operator (outside China) to have reached the milestone of 400 million subscribers in a single country market. Jio's wireless data traffic increased to 27.2 million as "lockdown restrictions began to ease during the quarter," the company said.
Qualcomm Technologies and Jio Platforms Limited (Jio) said that they have expanded efforts to develop open and interoperable interface compliant architecture-based 5G solutions with a virtualised radio access network (RAN). The company announced they have achieved over a 1 Gbps milestone on the Reliance Jio 5GNR solution with a Tier-I carrier in the US.
Reliance Jio reported a net profit of ₹2,844 crore, an increase of 185% year-on-year for the Q2FY21. Jio's consolidated net profit rose by to ₹3,020 crore in the September quarter.