The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has signed definitive documentation to acquire a 2.04% equity stake in Reliance Retail Ventures Ltd. (RRVL), the subsidiary of Reliance Industries Ltd. (RIL) for ₹9,555 crore.
The investment is in line with PIF’s strategy and mandate to invest ‘globally in innovative and transformative’ businesses that generate long-term commercial returns, RIL said in a statement.
This investment values RRVL at a pre-money equity value of ₹4.59 lakh crore (or approximately $62.4 billion). The investment in RRVL follows PIF’s earlier acquisition of a 2.32% stake in Jio Platforms.
Mukesh Ambani, CMD, RIL said, “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.”
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