INSUBCONTINENT EXCLUSIVE:
Saudi Arabia's Public Investment Fund has bought a 2.04 per cent stake in Reliance Retail Ventures Limited for about $1.3 billion, the
sovereign wealth fund said on Thursday
Reliance Retail Ventures (RRVL) is the retail arm of Reliance Industries.The PIF said the investment would strengthen the fund's presence in
the Indian economy and retail market."The investment in RRVL follows an earlier acquisition of a 2.32 per cent stake in Jio Platforms, the
digital services subsidiary of Reliance Industries," PIF said in a statement.PIF bought the stake in Reliance's Jio Platforms - which
comprises telecoms venture Jio Infocomm and music and movie apps - in June for nearly $1.5 billion
Reliance, controlled by billionaire Mukesh Ambani, has approached investors to take stakes in its retail business.Reliance has already
raised around $20 billion from global investors by selling stakes in its Jio Platforms digital business.RRVL has nearly 12,000 stores and
sells everything from groceries and electronics to fashion and shoes
Abu Dhabi state fund Mubadala said last month it would invest Rs 6,248 crore in RRVL.PIF Governor Yasir Rumayyan said in the statement the
investment demonstrated the fund's commitment to investing for the long-term with innovative businesses around the world and also its
commitment to driving the economic diversification of Saudi Arabia.
