Saudi PIF invests Rs 9,555 crore in Reliance Retail

Reliance Industries (RIL) on Thursday said that Saudi Arabia’s Public Investment Fund (PIF) will invest Rs 9,555 crore ($1.3 billion) in its subsidiary, Reliance Retail Ventures (RRVL), for a 2.04% stake. The stake sale now values RRVL at a higher valuation of Rs 4.587 lakh crore, compared to Rs 4.285 lakh crore so far. The investment in Reliance Retail by PIF comes shortly after it invested Rs 11,367 crore in Jio Platforms for a 2.32% stake.

The investment in RRVL by PIF is the eighth investment in RIL’s retail arm within two months. Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA have been the other investors so far.