Saudi Arabia's Public Investment Fund to invest Rs 9,555 cr in Reliance Retail Ventures
New Delhi | Jagran Business Desk: The Reliance Industries Limited (RIL) on Thursday announced that Saudi Arabia's Public Investment Fund (PIF) will invest Rs 9,555 crore in Reliance Industries' retail arm, raising fund of Rs 47,265 crore in the last two months.
In a statement, the company's Managing Director Mukesh Ambani said the Reliance Industries have a "long-standing relationship" with Saudi Arabia and the PIF is at the "forefront of the economic transformation" of the Kingdom.
"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," he said.
Meanwhile, Governor of PIF and His Excellency Yasir Al-Rumayyan said that this investment further demonstrates the company's commitment to "generating returns for the Saudi people and driving the economic diversification of Saudi Arabia".
"We are pleased to be furthering our trusted partnership with Reliance Industries, the leading player in some of India's most exciting sectors. 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," he said.
Over the last two months, the Reliance Industries has sold nearly 10.52 per cent in the retail list, raising a total of Rs 47,265 crore. This has also helped the company to take its valuation to over Rs 9 crore.
Talking about PIF, it is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy. This is second investment by the firm in the Reliance Industries. Earlier, it had picked picked up 2.32 per cent stake in Jio Platforms, the digital and telecom arm of Reliance, for Rs 11,367 crore.
(With agency inputs)
Posted By: Aalok Sensharma