Saudi Arabia’s PIF invests $1.3bn in India’s Reliance Retail Ventures

Saudi Arabia’s PIF invests $1.3bn in India’s Reliance Retail Ventures

Saudi Gazette reportRIYADH — The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has bought a 2.04 percent stake in Reliance Retail Ventures Limited (RRVL) for about $1.3 billion (SR4.8 billion approximately), the PIF said in a statement on Thursday carried by Saudi Press Agency.“This investment 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 percent stake in Jio Platforms, the digital services subsidiary of Reliance Industries,” according to the statement.The move is in line with PIF's