UAE, Saudi SWFs invest over $1bln in Reliance unit

UAE, Saudi SWFs invest over $1bln in Reliance unit

The Abu Dhabi Investment Authority (Adia) and Saudi Arabia's Public Investment Fund have invested over $1 billion (75.58 billion) in Reliance Industries' Digital Fibre Infrastructure Trust.The group said in a quarterly presentation that each sovereign wealth fund (SWF) invested $506.8 million. The company emphasised on tying up with major players, saying the induction of strong partners will help manage critical asset base.Adia had also pumped in 55.12 billion into Reliance Retail Ventures, a subsidiary of Reliance Industries, which is owned by billionaire Mukesh Ambani. On October 1, another Abu Dhabi-based SWF, Mubadala, had also announced investing 62.475 billion into Reliance Retail Ventures.Reliance Industries on Friday announced a 15 per cent drop in its September-quarter profit to 95.67 billion as Covid-19 impacted its oil business. But it still surpassed analysts' estimates