On Thursday, the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF) invested Rs 9,555 crore for a 2.04 per cent stake in Reliance Retail Ventures Ltd. (RRVL), a subsidiary of Reliance Industries Ltd. (RIL).
The investment values Reliance Retail Ventures at pre-equity value of Rs 4.587 lakh crore. It also marks the fifth investment in RIL’s retail business, taking the total fund raised so far to Rs 34355 crore. Earlier, the PIF has made acquired 2.32 per cent stake in Reliance’s digital services, Jio Platforms.
Mukesh Ambani, Chairman and MD, Reliance Industries said, “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.”
Last month, the sovereign wealth fund of Abu Dhabi, Mubadala Investment Co. had invested Rs 6,247.5 crore in the retail unit of RIL. Before Mubadala’s investment in Reliance Retail, US private equity investor General Atlantic had also invested Rs 3,675 crore and US tech investor Silver Lake Partners decided for investing an additional Rs 1,875 crore in the retailer.
Silver Lake Partners made the first investment in RIL’s retail business after that the company raised around Rs 1.5 trillion through stake sale in Jio Platforms. Earlier, the private equity firm has also picked up a 2.08 per cent stake in Jio Platforms for $1.34 billion.