The Public Investment Fund (PIF) will make an investment of Rs 9,555 crore (around USD 1.3 billion) for an equity stake of 2.04 percent into Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries.
This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately USD 62.4 billion).
PIF has signed definitive documentation to acquire a 2.04 percent equity stake in RRVL. The investment will further strengthen PIF’s presence in India’s retail market segment. The investment is in line with PIF’s strategy to invest globally in innovative and transformative businesses that generate long-term commercial returns.
The investment in RRVL follows PIF’s earlier acquisition of a 2.32 percent stake in Jio Platforms, the digital services subsidiary of Reliance Industries.