The Public Investment Fund (PIF) will invest ₹ 9,555 crore for an equity stake of 2.04% in Reliance Retail Ventures Limited (RRVL). This investment will further strengthen PIF’s presence in India’s dynamic economy and retail market.
PIF also invested ₹11,367 crore in Reliance Jio for an equity stake of 2.32%.
PIF's investment is in with its strategy as a leading investor, investing in innovative and transformative companies globally. PIF joins a bunch of investors such as Mubadala, KKR, Silver Lake, GIC, TPG and Abu Dhabi Investment Authority to invest in Reliance Retail.
Reliance Industries Chairman and MD Mukesh Ambani said, "We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. 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."
Reliance Retail has 12,000 stores across the country. RRVL reported a consolidated turnover of ₹162,936 crore ($21.7 billion) and net profit of ₹5,448 crore ($726.4 million) for the year ended March 31, 2020.