Saudi Arabia’s Public Investment Fund has purchased a 2.04 per cent stake in Reliance Retail Ventures Limited for about $1.3 billion, the sovereign wealth fund stated on Thursday. Reliance Retail Ventures (RRVL) is the retail arm of Reliance Industries.
The PIF stated the funding would strengthen the fund’s presence within the Indian financial system and retail market.
“The investment in RRVL follows an earlier acquisition of a 2.32 per cent stake in Jio Platforms, the digital services subsidiary of Reliance Industries,” PIF stated in a press release.
PIF purchased the stake in Reliance’s Jio Platforms – which includes telecoms enterprise Jio Infocomm and music and film apps – in June for practically $1.5 billion. Reliance, managed by billionaire Mukesh Ambani, has approached traders to take stakes in its retail enterprise.
Reliance has already raised round $20 billion from world traders by promoting stakes in its Jio Platforms digital enterprise.
RRVL has practically 12,000 shops and sells every thing from groceries and electronics to style and footwear. Abu Dhabi state fund Mubadala stated final month it could make investments Rs 6,248 crore in RRVL.
PIF Governor Yasir Rumayyan stated within the assertion the funding demonstrated the fund’s dedication to investing for the long-term with revolutionary companies all over the world and in addition its dedication to driving the financial diversification of Saudi Arabia.