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Saudi Arabia's PIF invests Rs 9,555 crores in Reliance Retail

Saudi Arabia’s PIF invests Rs 9,555 crores in Reliance Retail
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Saudi Arabia’s PIF invests Rs 9,555 crores in Reliance Retail

Highlights

At equity value of `4.587 trn, RRVL raises Rs47,265cr in 2 mths

New Delhi : Billionaire Mukesh Ambani-run Reliance Industries Ltd's (RIL) retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore.

PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement.

The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.

This is second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. It had previously picked up 2.32 per cent stake in Jio Platforms, the digital and telecom arm of Reliance, for Rs 11,367 crore.

Mukesh Ambani, CMD, Reliance Industries, 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. I welcome PIF as a valued partner in Reliance Retail and look forward to their sustained support and guidance as we continue our ambitious journey to transform India's retail sector for enriching the lives of 1.3 billion Indians and millions of small merchants."

Yasir Al-Rumayyan, Governor of PIF, adds: "We are pleased to be furthering our trusted partnership with Reliance Industries, the leading player in some of India's most exciting sectors.

This transaction demonstrates PIF's commitment to investing and partnering for the long-term with innovative businesses around the world that lead and transform their sectors."

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