Saudi PIF to invest $1.3 billion in Reliance Retail for 2.04% stake
The Public Investment Fund (PIF) of Saudi Arabia has agreed to invest around Rs 9,555 crore or $1.3 billion in RelianceIndustries’ (RIL) unit Reliance Retail Ventures (RRVL) for a 2.04 percent stake, the latter said in a release on Thursday. This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore.
The investment in RRVL follows PIF’s earlier acquisition of a 2.32 percent stake in Jio Platforms, the digital services subsidiary of RIL. Prior to the current transaction, Reliance Retail had raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG, and ADIA in less than four weeks.