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Thursday, November 26, 2020

Saudi Arabia’s PIF to invest Rs 9,555 crore in Reliance Retail

Mukesh Ambani, Chairman and MD of RIL, said: “We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom of Saudi Arabia.”

By: ENS Economic Bureau | Mumbai | Updated: November 6, 2020 3:45:49 am
Customers stand outside a Reliance Fresh Ltd. store in Mumbai, India, on Sunday, Jan. 28, 2018. (Photographer: Dhiraj Singh/Bloomberg)

Public Investment Fund (PIF) of Saudi Arabia has proposed to invest Rs 9,555 crore ($1.3 billion) for an equity stake of 2.04 per cent in Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries.

This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore ($62.4 billion). This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment. The investment in RRVL follows PIF’s earlier acquisition of a 2.32 per cent stake in Jio Platforms, the digital services subsidiary of Reliance Industries.

Public Investment Fund is one of the largest sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia.

Mukesh Ambani, Chairman and MD of RIL, said: “We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom of Saudi Arabia.”

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