New Delhi, November 5
Billionaire Mukesh Ambani-run Reliance Industries Ltd’s retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore.
PIF will take a 2.04% stake in Reliance Retail Ventures Ltd (RRVL). The investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore. This is second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. It had previously picked up 2.32 per cent stake in Jio Platforms, the digital and telecom arm of Reliance, for Rs 11,367 crore.
“This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment,” the statement said. “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,” it added. — PTI