The investment announced by the Saudi Arabian sovereign wealth fund, one of the world's largest, follows an agreement in June to invest 113.67 billion Indian rupees in Reliance's digital services unit, Jio Platforms Ltd., for a 2.32% stake.
The investment values Reliance Retail at a pre-money equity value of 62.4 billion dollars. This transaction demonstrates PIF’s commitment to investing and partnering for the long term with innovative businesses around the world that lead and transform their sectors.
I welcome PIF [Public Investment Fund] 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," said Mukesh Ambani, chairman and managing director of Reliance Industries.
Reliance Retail on Oct. 3 announced an investment of 135.98 billion rupees from Mubadala Investment Co. PJSC, GIC Pte. Ltd. and TPG Capital LP. The company is also raising 55 billion rupees from private equity firms Silver Lake Management LLC and General Atlantic Service Co. LP.
The investment by the Saudi Arabian sovereign wealth fund, one of the world's largest, follows an agreement in June to invest 113.67 billion Indian rupees in Reliance's digital services unit, Jio Platforms Ltd., for a 2.32% stake.
"We are pleased to be furthering our trusted partnership with Reliance Industries, the leading player in some of India's most exciting sectors," said Yasir Al-Rumayyan, governor of PIF. "This transaction demonstrates PIF's commitment to investing and partnering for the long-term with innovative businesses around the world that lead and transform their sectors."
