Saudi Arabia’s PIF takes $1.3bn stake in India’s biggest retailer

  • Date: 06-Nov-2020
  • Source: Gulf Insider
  • Sector:Economy
  • Country:Saudi Arabia
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Saudi Arabia’s PIF takes $1.3bn stake in India’s biggest retailer

The government fund acquired the 2.04 percent stake in Reliance Retail Ventures (RRVL), it said in a statement on Thursday.It is the latest high profile international deal concluded by the fund that has increased its global profile this year.Reliance Retail operates around 12,000 stores across the country's strategically important retail sector.“This investment will further strengthen PIF's presence in India's dynamic economy and promising retail market segment,” the PIF said.This latest expansion in India follows an earlier acquisition of a 2.32 percent stake in Jio Platforms, the digital services unit of Reliance Industries.The Reliance conglomerate has interests in oil, petrochemicals and telecoms and is controlled by Indian billionaire Mukesh Ambani who is now investing heavily in the booming technology sector.India's retail industry is one of the largest in the world, accounting