Saudi Arabia's Public Investment Fund Might Buy Stake In JioFiber Assets

It seems that Reliance Industries is likely to sell its stake to another firm. Saudi Arabia's Public Investment Fund (PIF) is reportedly planning to buy JioFiber assets. In fact, the company has started a discussion with Reliance Industries.

The company is likely to invest $1 billion in the JioFibre assets. Notably, this can be the company's second investment in the Jio platform. The development comes soon after Abu Dhabi Investment Authority starts talking with Reliance Jio for the same. However, Reliance Jio has not announced anything on the deal. Similarly, PIF did not answer.

"The re-engagement has given that extra nudge to PIF. The prolonged trend of work from home, schooling, entertainment from home has catalyzed a shift in consumer preference, which in turn makes the investment thesis stronger in a country that is already among the most under-penetrated in Asia broadband connectivity," sources said.

Reliance Industries Buys 60% Stake In Netmeds

Meanwhile, Reliance has bought a majority stake in the online pharmacy firm Netmeds. The company has announced the investment of Rs. 620 crore on the Netmeds platform. In fact, sources said that deal between both RIL and Netmeds have started before the pandemic, but it got delay due to the lockdown.

"Netmeds offers a pan-India solution for the quick online purchase and fast delivery of prescription medications to over 20,000 pin codes," RIL said while announcing its deal with the e-pharmacy platform. The deal seems good for both companies as Netmeds was looking for a buyer and Reliance wants to enter the sector.

Recently, Amazon launched an online pharmacy business in Bengaluru. This means the company wants to expand its reach in other sectors too. The service is known as Amazon Pharmacy. It will offer all herbal medicines, prescription-based drugs, and basic health devices. Notably, Amazon launched these services to compete with other e-commerce players like Flipkart and JioMart.