In case the deal gets finalised, Jio Platforms would be diluting 25 per cent of its equity.

Saudi Arabia's wealth fund Public Investment Fund (PIF) is all set to pick up a 2.33 per cent in Reliance Industries' digital unit Jio Platforms for an estimated $1.5 million. In case the deal gets finalised, Jio would be diluting 25 per cent of its equity, the report said adding that is the maximum the company intends to dilute to financial investors. Gulf News fist reported the advanced talks between the two companies.

The report also added that any new investors coming on board in future will have to be 'strategic investors'.

In less than two months, Mukesh Ambani-led Reliance Industries has raised a record $13.9 billion in less than two months form sale of minority stakes in its Jio Platforms to global investors. The latest are by American global alternative asset firm TPG and private equity firm L Catterton.