Public Investment Fund of Saudi Arabia invests Rs 9,555 crore in Reliance Retail Ventures
Reliance Industries Limited (RIL) and Reliance Retail Ventures Limited (RRVL) announced on Thursday that Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) will invest Rs 9,555 crore for an equity stake of 2.04 per cent into RRVL. PIF has signed definitive documentation for the same.
This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore. Public Investment Fund had earlier acquired a 2.32 per cent stake in Jio. This investment further strengthens PIF’s presence in India’s retail market segment.
Reliance Retail Ventures is a subsidiary of Reliance Industries and a holding company of all the retail companies under RIL Group. RRVL reported a consolidated turnover of Rs 1,62,936 crore and a net profit of Rs 5,448 crore for the financial year 2020. India’s retail sector accounts for over 10 per cent of its gross domestic product.
The stock of Reliance Industries has recovered by 132.6 per cent from its sharp decline in March 2020.
At 10.45 am today, the share of Reliance Industries was trading at Rs 2,000.25 on BSE, up by 2.31 per cent.