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DUBAI, Nov. 5 (Reuters) – The Saudi public investment fund has bought a 2.04% stake in Reliance Retail Ventures Limited for around $ 1.3 billion, the sovereign wealth fund said Thursday.
Reliance Retail Ventures (RRVL) is the retail arm of Dependency industries », The Indian oil and telecommunications conglomerate.
The PIF said the investment would strengthen the fund’s presence in the Indian economy and the retail market.
“The investment in RRVL follows an earlier acquisition of a 2.32% 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 includes telecommunications company Jio Infocomm and music and movie applications – in June for nearly $ 1.5 billion. controlled by billionaire Mukesh Ambani, has approached investors to take stakes in his retail business. Reliance has already raised around $ 20 billion from global investors by selling stakes in its digital business Jio Platforms. has nearly 12,000 stores and sells everything from groceries and electronics to fashion and shoes.
Abu Dhabi’s state fund Mubadala said last month it would invest 62.48 billion rupees ($ 843.45 million) in RRVL. Governor Yasir Rumayyan said in the statement that the investment demonstrates the fund’s commitment to long-term GossipMantri with innovative companies around the world, as well as its commitment to boost Saudi Arabia’s economic diversification.
($ 1 = 74.0763 Indian rupees)