Saudi Arabia’s PIF to invest USD 1.3 billion in Reliance Retail for 2% stake

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Mumbai : Saudi Arabia’s The Public Investment Fund (PIF) on Thursday announced that it’ll invest Rs.9555 crore (approximately $1.3 billion) in Reliance Industries’ retail venture Reliance Retail for a 2.04 per cent equity stake.

“This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment. The investment in RRVL follows PIF’s earlier acquisition of a 2.32% stake in Jio Platforms, the digital services subsidiary of Reliance Industries” said PIF in an announcement.

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. India’s retail sector is one of the largest in the world and accounts for over 10% of its gross domestic product (GDP) which presents meaningful growth potential.

“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” Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said.

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