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Reliance Retail Raises $1.3 billion from PIF
FUNDING

Reliance Retail Raises $1.3 billion from PIF

New Delhi, Nov 5, 2020: India's richest man Mukesh Ambani led Reliance Retail raises $1.3 billion (Rs 9,555 crore) from the Saudi Arab based Public Investment Fund (PIF). PIF will acquire a 2.04 percent stake in Reliance Retail. This is the second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. Earlier It had picked up a 2.32 percent stake in Jio Platforms for $1.5 billion (Rs 11,367 crore). The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of $62 billion (Rs 4.587 lakh crore). "This investment will further strengthen PIF's presence in India's dynamic economy and promising retail market segment," the statement said. "The transaction is in line with PIF's strategy as a leading global investor with a prove...