Saudi Arabia’s PIF to invest Rs 9,555 crore in RRVL

Saudi Arabia’s Public Investment Fund (PIF) is investing Rs 9,555 crore ($1.3 billion) for 2.04 per cent in Reliance Retail Ventures (RRVL), the retail arm of Reliance Industries (RIL).

With this funding, RRVL has mobilised Rs 47,265 crore from global investors such as Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA. These investors had also acquired stakes in Jio Platforms — the digital services subsidiary of RIL. PIF had acquired a 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.

The investment by PIF in RRVL values it at a pre-money equity value of Rs 4.587 lakh crore ($62.4 billion). This is 7 per cent higher than the valuation of Rs 4.285 lakh crore for the other investors. All of them have so far cumulatively picked up 10.54 per cent in RRVL.