Reliance Industries Ltd. on Thursday said that the Public Investment Fund (PIF) will invest ₹ 9,555 crore for an equity stake of 2.04% in Reliance Retail Ventures Limited. This investment values RRVL at a pre-money equity value of ₹ 4.587 lakh crore. "This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment," the Mukesh Ambani led company said in a statement.
"The transaction is in line with PIF’s strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets," Reliance Industries said.
PIF earlier acquired 2.32% stake in Jio Platforms, the digital services subsidiary of Reliance Industries. PIF is one of the largest sovereign wealth funds in the world. It works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision 2030.