PIF will thus acquire a 2.04% equity stake in RRVL
Reliance Industries Limited and Reliance Retail Ventures Limited have announced that The Public Investment Fund will invest Rs 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04% into RRVL, a subsidiary of Reliance Industries.
This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately $62.4 billion). This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment.
The investment in RRVL follows PIF’s earlier acquisition of a 2.32% stake in Jio Platforms, the digital services subsidiary of Reliance Industries.
The transaction is in line with PIF’s strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, 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."
His Excellency Yasir Al-Rumayyan, Governor of PIF, said: "We are pleased to be furthering our trusted partnership with Reliance Industries, the leading player in some of India’s most exciting sectors. This transaction demonstrates PIF’s commitment to investing and partnering for the long-term with innovative businesses around the world that lead and transform their sectors.”
“This investment further demonstrates PIF’s commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia.”
