On Thursday, Mukesh Ambani led billionaire retail giant Reliance Industries Ltd’s raised ₹9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking its total fundraised amount in last two months to ₹47,265 crores and made it the fifth investment of a company in Reliance retail. According to the statement made by the firm, the PIF will take a 2.04% stake in Reliance Retail Ventures Ltd (RRVL).
The transaction values of Reliance’s retail arm, RRVL at a pre-money equity value of ₹4.58 lakh crores and the investment in RRVL follows PIF’s earlier acquisition of a 2.32% stake in the digital sector of Reliance Industries, Jio Platforms.
“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,” Mukesh Ambani, chairman and managing director of RIL, said in a statement.
“This transaction demonstrates PIF’s commitment to investing and partnering for the long-term with innovative businesses around the world that lead and transform their sectors. This investment further demonstrates PIF’s commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia,” The Governor of PIF, Yasir Al-Rumayyan said in a statement.
Last month, Mubadala Investment Co the sovereign wealth fund of Abu Dhabi, invested ₹6,247.5 crores in the retail sector of Reliance Industries Ltd.
