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ADIA, PIF Invest $1 Billion in Reliance’s Fiber-Optic Assets

  • Reliance posted 15% fall in net profit hit by low fuel demand
  • Ambani has raised over $25 billion in 2020 through stake sales
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Reliance Industries Ltd. is raising $1 billion in investment from two sovereign wealth funds as investors double down on the consumer businesses of Asia’s richest man, who’s diversifying his conglomerate away from oil refining.

Abu Dhabi Investment Authority, or ADIA, and Saudi Arabia’s Public Investment Fund, or PIF, will each invest 37.8 billion rupees ($507.2 million) in buying units of Digital Fibre Infrastructure Trust, Reliance said in a post-earnings presentation on Friday. The company highlighted the “induction of strong partners” in what it called a “critical asset base.”