Reliance Industries (RIL) subsidiary Reliance Retail Ventures Limited (RRVL) will invest 9555 crore in Saudi Arabia’s Public Investment Fund. The company made this announcement on Thursday. The public investment fund (PIF) will have an equity stake of 2.04 per cent in RRVL after this investment. This year will be PIF’s second investment in a Reliance subsidiary. The pre-money equity value of RRVL is 4.587 lakh crore. So far, an investment of 4.28 lakh crore has been made in this company this year.
8.22% stake of 8 investors
Mukesh Ambani-owned Reliance retail unit has so far sold 8.22 per cent stake to 8 investors for Rs 37,710 crore. PIF will be the ninth investor to invest in it. RRVL also holds marquee investors such as Silver Lake Holdings, KKR, General Atlantic, Mubadla, GIC, TPG and Adia.
Earlier, PIF had invested Rs 11,400 crore in Reliance’s digital services arm Jio Platform. This investment came this year. With this investment, PIF became 2.32 per cent stake in Jio platform.
Millions of small shopkeepers will benefit – Mukesh Ambani
Announcing the investment of PIF, Mukesh Ambani said that he had a long association with Saudi Arabia. PIF has been a pioneer in the economic transformation of the Kingdom of Saudi Arabia and now, as a valuable partner of Reliance Retail, wants to make a big change in the country’s retail sector. Ambani said that this will bring a big change in the lives of all Indians and millions of small shopkeepers will also benefit.
Fastest growing retail company
Reliance Retail is the holding company of all the retail assets of RIL. According to Deloitte’s Global Powers of Retailing 2020 Index, it is the fastest-growing retail company worldwide from FY 2013 to FY 2018. RRVL’s revenue in the second quarter of this financial year was 36,566 crore. It does business through 12 thousand stores across the country.