Saudi Arabia’s wealth fund invests $1.3bn in retail unit of Indian giant Reliance

Saudi Arabia’s wealth fund invests $1.3bn in retail unit of Indian giant Reliance

The PIF investment follows ADIA and Mubadala Investment Company who also have stakes in Reliance Retail Ventures Ltd

India's oil-to-retail conglomerate Reliance Group announced on Thursday that Saudi-based Public Investment Fund (PIF) would invest $1.3 billion in Reliance Retail Ventures Limited (RRVL), the retail arm of the group.

With this investment, PIF will acquire an equity stake of 2.04 percent in RRVL. PIF had earlier invested $1.53 billion for a 2.32 percent stake in Jio Platforms, Reliance's digital business arm.

Subsidiary of the Abu Dhabi Investment Authority will buy a 1.2% stake in Reliance Retail Ventures

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