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Saudi Arabia’s PIF picks up 2.04% stake in Reliance Retail for Rs 9,555 crore – Business News , Firstpost


With this funding, a file eighth by marquee international buyers, Reliance Retail Ventures Limited (RRVL) is now valued at a pre-cash fairness worth of Rs 4.587 lakh crore (round $62.Four billion)

Representational picture. CNBC-TV18

Saudi Arabia’s Public Investment Fund (PIF) will make investments Rs 9,555 crore, or roughly $1.three billion, in Reliance Industries’ retail unit in trade for a 2.04 p.c stake in the corporate, studies mentioned.

With this funding, a file eighth by marquee international buyers, Reliance Retail Ventures Limited (RRVL) is now valued at a pre-cash fairness worth of Rs 4.587 lakh crore (round $62.Four billion).

The funding in RRVL follows PIF’s earlier acquisition of a 2.32 p.c stake in Jio Platforms, the digital companies subsidiary of RIL.

PIF is without doubt one of the world’s largest sovereign wealth funds, and this funding will strengthen its presence in India’s dynamic economic system and the promising retail market section.

RIL has to date bought 10.09 p.c in RRVL, India’s largest retailer, for a mixed Rs 47,265 crore.

A clutch of buyers reminiscent of Singapore’s sovereign wealth fund GIC, international various asset agency TPG Abu Dhabi Investment Authority, Mubadala Investment Co, General Atlantic, KKR, and Silver Lake (twice) have bought stakes in the corporate.

Mukesh Ambani, chairman and managing director of Reliance Industries, mentioned, “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.”

What is PIF?

PIF, based in 1971, is the sovereign wealth fund of Saudi Arabia. It was based for the aim of investing funds on behalf of the Government of Saudi Arabia. PIF is creating a portfolio of top of the range home and worldwide investments diversified throughout sectors, geographies, and asset courses.

PIF operates by way of six funding swimming pools comprising native and international investments in line with its aims to actively make investments over the long run to maximise sustainable returns, be the funding accomplice of alternative for international alternatives, and allow the financial improvement and diversification of the Saudi economic system.

PIF goals to be a worldwide funding powerhouse and the worl​d’s most impactful investor, enabling the creation of latest sectors and alternatives that can form the longer term international economic system, whereas driving the financial transformation of Saudi Arabia.

DISCLAIMER: Reliance Industries is the only real beneficiary of Independent Media Trust which controls Community18 Media & Investments Ltd

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