Saudi Arabia’s PIF invests Rs 9,555 crore in Reliance Retail
The Public Investment Fund (https://timesofindia.indiatimes.com/topic/Public-Investment-Fund) (PIF) of Saudi Arabia will invest Rs 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04 per cent in Reliance Retail Ventures Limited (RRVL), the Mukesh Ambani-led company.
This is the second investment by PIF in a subsidiary of Reliance Industries as it had earlier acquired 2.32 per cent stake in Jio Platforms. The investment values Reliance Retail at a pre-money equity value of Rs 4.58 lakh crore (approximately $62.4billion).
PIF is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy.