29.5 C
Panjim
Monday, May 17, 2021

The Public investment fund (PIF) invests ₹ 9,555 crore ( Approx. US$1.3 Billion) in Reliance retail ventures limited





Must read

सिंधुदुर्गात चक्रीवादळामुळे एका खलाशाचा मृत्यू तर तीन खलाशी बेपत्ता

सिंधुदुर्ग - तौक्ते चक्रीवादळाचा सिंधुदुर्गच्या किनाऱ्याला मोठा फटका बसला आहे. देवगडच्या आनंदवाडी बंदरात नांगरून ठेवलेल्या आनंदवाडी बंदर येथे नांगरून ठेवलेल्या दोन बोटी वाहून गेल्याने...

This will help you to get mobile network now in Goa

Panaji: While the after-effects of the cyclone has left mobile networks down, the government has activated intra-circle roaming facility wherein you can switch over...

Amit Shah assures full support to Goa to bring back normalcy after the devastation by cyclonic winds

  Panaji: The Central government on Monday assured “full support” to Goa to bring back normalcy after the cyclonic winds hit the coastal state on...

Undertrial prisoner dies at Colvale due to Covid19 infection

Colvale: A murder under-trial prisoner at Colvale Jail in Goa succumbed to the COVID-19 infection inside the prison premises on Sunday night, a senior...
- Advertisement -
Mumbai: Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”) announced today that The Public Investment Fund (“PIF”) will invest ₹ 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 ₹ 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 of Reliance Industries.

The transaction 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% of its gross domestic product (GDP) which presents meaningful growth potential.

Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, 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.”
His Excellency Yasir Al-Rumayyan, Governor of PIF, said: “We are pleased to be furthering our trusted partnership with Reliance Industries, the leading player in some of India’s most exciting sectors. 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.”

“This investment further demonstrates PIF’s commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia.”

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fast-growing retail business serving close to 640 million footfalls at its ~12,000 stores across the country. Reliance Retail’s vision is to galvanize the Indian retail sector through its new commerce strategy, serving millions of customers by empowering millions of micro, small and medium enterprises (MSMEs).

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

सिंधुदुर्गात चक्रीवादळामुळे एका खलाशाचा मृत्यू तर तीन खलाशी बेपत्ता

सिंधुदुर्ग - तौक्ते चक्रीवादळाचा सिंधुदुर्गच्या किनाऱ्याला मोठा फटका बसला आहे. देवगडच्या आनंदवाडी बंदरात नांगरून ठेवलेल्या आनंदवाडी बंदर येथे नांगरून ठेवलेल्या दोन बोटी वाहून गेल्याने...

This will help you to get mobile network now in Goa

Panaji: While the after-effects of the cyclone has left mobile networks down, the government has activated intra-circle roaming facility wherein you can switch over...

Amit Shah assures full support to Goa to bring back normalcy after the devastation by cyclonic winds

  Panaji: The Central government on Monday assured “full support” to Goa to bring back normalcy after the cyclonic winds hit the coastal state on...

Undertrial prisoner dies at Colvale due to Covid19 infection

Colvale: A murder under-trial prisoner at Colvale Jail in Goa succumbed to the COVID-19 infection inside the prison premises on Sunday night, a senior...

NY Times ranks Goa as top in number of cases, low on vaccination, Vijai Sardesai recommends deployment of resources for effective vaccination

Panaji: As the international publication, The New York Times, has put Goa as the place with highest COVID19 cases and slow vaccination drive, Goa...