Public Investment Fund Invests Rs 9,555 Crore in Reliance Retail Ventures
Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) on Thursday 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, the company said in a statement.
CMD of Reliance Industries Mukesh Ambani said, “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.”
This comes a month after the company said that global investment firm GIC will invest Rs 5,512.5 crore into its retail arm Reliance Retail Ventures Limited (RRVL) and also and also another investment firm TPG will invest Rs 1,837.5.
Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.
Reliance Retail’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers by empowering millions of farmers and micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies as a preferred partner, to deliver immense benefits to Indian society, while protecting and generating employment for millions of Indians.
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