After Facebook and two American private equity firms, Jio is likely to see more interest from foreign investors, including those outside the US.
Last week an analyst report by Bank of America (BofA) Securities said that Reliance Jio could offload 8 percent more stake in strategic investment by foreign investors.
The report came after Facebook Inc and Silver Laker Partners purchased 9.9 percent and 1.15 percent stake, respectively, in the digital unit but before Vista Equity Partners' investment for 2.32 percent stake was announced.
"We see room for further 8% stake sale in line with (Reliance Industries) management commentary (timing unknown)," brokerage BofA Securities said in a note, adding that any further due diligence by these foreign investors "could be faster" as the documents and the process has been organised for recent investments.
Now a recent Bloomberg report citing sources said that Saudi Arabia's sovereign wealth fund and US investment firm General Atlantic are among firms exploring investments the Mukesh Ambani-led digital business.
The report said that Saudi's Public Investment Fund is considering buying a minority stake in Jio Platforms and General Atlantic is discussing a potential investment of about $850 million to $950 million.
The deal could be completed as soon as this month, though no agreement has been finalized and plans may change, sources informed Bloomberg.
These foreign investors are betting on Jio's access to India's huge consumer market, while RIL is looking to reduce its net debt to zero, which it recently said that it will be able to achieve well before the deadline of March 2021.
Shares of Reliance Industries Limited (RIL) rose to an intraday high of Rs 1,615 apiece on Monday, close to its 52-week high of Rs 1,617.