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Eighth Mega Cheque for Reliance Retail: All You Need to Know About Saudi's Public Investment Fund

Reliance Industries Ltd

Reliance Industries Ltd

This is Saudi PIF’s third big investment in Reliance Industries having already invested in Reliance Jio as well as in the company’s Fibre InvIT. This is also the eighth big-ticket investment that Reliance Retail has raised in the last two months.

Reliance Industries (RIL) on Thursday said Saudi Arabia’s Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds, will invest Rs 9,555 crore or roughly $1.3 billion in its retail unit in exchange for a 2.04% stake.

This is Saudi PIF’s third big investment in Reliance Industries having already invested in Reliance Jio as well as in the company’s Fibre InvIT. This is also the eighth big-ticket investment that Reliance Retail has raised in the last two months.

Saudi PIF in June invested Rs 11,367 crore ($1.5 billion) in Jio, while along with Abu Dhabi Investment Authority investing over a billion dollars in the Fibre InvIT.

“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,” said RIL Chairman Mukesh Ambani in a statement.

The Public Investment Fund 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. PIF is building a world-class portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home.

PIF works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating longterm value for the Kingdom of Saudi Arabia in line with Vision 2030.

The retail unit of Mukesh Ambani’s RIL empire has so far sold 8.22% equity stake to eight other investors, excluding PIF, for Rs 37,710 crore.

Disclosure: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited


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