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Grapevine: Saudi’s PIF to invest in RIL InvIT; Lexington may buy IL&FS education arm
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Saudi Arabia’s Public Investment Fund (PIF) has initiated discussions to invest up to $1 billion (Rs 7,495 crore) in Reliance Industries’ infrastructure investment trust (InvIT) Jio Digital Fibre, people aware of the matter told The Economic Times.

Going by a report last month, Abu Dhabi Investment Authority (ADIA) re-engaged in talks to invest in Jio Digital Fibre. 

ADIA and PIF are expected to be anchor investors in the InvIT with the former possibly leading the consortium.

PIF is in the process of rejigging its $300 billion portfolio — booking profits from its large Silicon Valley, Big Oil and aviation bets and withdrawing from English Premier League club investments, the report said.

Previously ADIA committed $752 million and PIF $1.5 billion to Jio Platforms' $20.8 billion fundraise that saw 13 investors including American giants Facebook and Google.

Reliance had transferred its tower and fibre assets to two special purpose vehicles (SPVs) owned by two InvITs. The investment talks last year with ADIA-led consortium of GIC of Singapore and I Squared Capital fell through due to differences in commercial and operating terms.

Also, the committee of creditors to Infrastructure Leasing & Financial Services’ (IL&FS) education arm Schoolnet India Ltd has approved its sale to Lexington Equity Holdings Ltd, which already owns 26% in the company, two people aware of the development told The Economic Times.

Lexington will service the entire debt of Rs 600 crore ($80 million) apart from paying a small equity portion to IL&FS, they said.

In November, the creditors approved this sale to the then highest bidder Career Point Publications.

“After prolonged discussions and negotiations, Lexington decided to acquire the stake by offering the same terms as Career Point on debt responsibilities but giving a higher amount towards equity to IL&FS,” one of the persons said.

The sale, once approved by the bankruptcy tribunal, is expected to be completed before the end of the next quarter.

IL&FS Group holds 73.70% stake in Schoolnet. 

Schoolnet holds 80% stake in IL&FS Skill Development Corporation and has two subsidiaries -- IL&FS Cluster Development Initiative Ltd and Skill Training Assessment Management Partners Ltd.

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