PIF invests $1.3 bln in India’s Reliance Retail Ventures

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.