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Reliance Retail raises Rs 9,555 crore from PIF

PIF has previously invested in Reliance’s Jio platform.

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MUMBAI: Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries, has raised Rs 9,555 crore from Saudi Arabia’s Public Investment Fund (PIF), taking its pre-money equity value to Rs 4,587 lakh crore.

This is the second investment by PIF in the Mukesh Ambani-led conglomerate. It had earlier acquired a 2.32 per cent stake in Jio platforms for Rs 11,367 crore.

The transaction, an official statement said, is in line with PIF's strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets. India's retail sector is one of the largest in the world and accounts for over 10 per cent of its gross domestic product (GDP) which presents meaningful growth potential.

Reliance Industries chairman and managing director Mukesh Ambani said, "We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom of Saudi Arabia. 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."

Yasir Al-Rumayyan, governor of PIF, said, "We are pleased to be furthering our trusted  partnership with Reliance Industries. 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.”

The investments come amid the ongoing festive season, which is primetime for the country's retail sector. Flush with these funds, Reliance is probably hoping to counter rivals like e-tailers Flipkart and Amazon.

Reliance Retail operates India's largest, fast-growing retail business, serving close to 640 million footfalls at its around 12,000 stores  across the country. 

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