The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, will invest ₹9,555 crore for a 2.04% stake in Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries, the company said today.
The transaction values RRVL at a pre-money equity value of ₹4.587 lakh crore ($62 billion). The investment in RRVL follows PIF’s earlier acquisition of a 2.32% stake in Jio Platforms, the digital services subsidiary of Reliance Industries (RIL).
This marks the fifth investment of a company in Reliance Retail, taking the total fundraising so far to ₹34,355 crore.
Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fast-growing retail business serving close to 640 million footfalls at its around 12,000 stores across the country.