The Public Investment Fund (PIF) signed today, Nov. 5, an agreement to invest nearly $1.3 billion in Reliance Retail Ventures Limited, India’s leading retail business, to acquire a 2.04% stake in the company.
This acquisition will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment. The investment in RRVL follows an earlier acquisition of a 2.32% stake in Jio Platforms, the digital services subsidiary of Reliance Industries.
"This investment further demonstrates PIF’s commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia,” said Yasir Al-Rumayyan, Governor of PIF.
Reliance Retail Limited, a subsidiary of Reliance Retail Ventures Ltd (RRVL), operates India's largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.
Comments
{{DisplayName}}
{{ElapsedTime}}