PIF invests ₹9,555 crore in Reliance Retail
With this investment, PIF will acquire an equity stake of 2.04% into RRVL.
Reliance Industries on Thursday announced that Saudi Arabia-based Public Investment Fund or PIF was investing a sum of ₹9,555 crore ($1.3 billion approximately) in Reliance Retail Ventures Limited (RRVL). With this investment, PIF will acquire an equity stake of 2.04% into RRVL.
This investment values RRVL at a pre-money equity value of ₹4.587 lakh crore ($62.4 billion approximately). PIF had earlier invested ₹11,367 crore for a 2.32% stake in Jio Platforms.
“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,” RIL Chairman and Managing Director Mukesh Ambani said on the occasion.
Notably, PIF's investment in Reliance Retail follows a series of investments from global investors in Reliance Industries' retail arm, that is, RRVL. Prior to the investment by PIF, KKR, ADIA, GIC and TPG invested ₹5,550 crore, Rs5,512.50 crore, 5,512.5 crore and ₹1,837.5 crore in Reliance Retail to acquire a 1.28%, 1.20%, 1.22% and 0.41% stakes in the company.
In addition to these, Mubadala, Silver Lake and General Atlantic, invested ₹6,247.5 crore, ₹1,875 crore and ₹3,675 crore in RRLV for 1.4%, 2.13% and 0.84% stakes in the company.
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