Mumbai: After gaining a whopping Rs 1.52 lakh crore in Reliance Jio, leading industrialist Mukesh Ambani is now succeeding in attracting foreign investment in his retail business as well. The Public Investment Fund of Saudi Arabia on Thursday announced an investment of Rs 9,555 crore (1. 1.30 billion) to buy 2.04% equity in Reliance Retail Ventures Limited. With this, Reliance Retail has received an investment of Rs 47,000 crore in the last two months alone. In this deal, the pre-money equity value of Reliance Retail has estimated at Rs 4.58 lakh crore, the value is about 30 thousand crores more than the previous investments.
Investment of 9 funds so far
The investment in Reliance Retail started from Global Fund Silver Lake on September 9, after which global investment funds like KKR, General Atlantic, Mubadla, GIC, TPG, and ADIA have invested. Including the PIF deal, Reliance Retail has so far invested more than Rs 47,265 thousand crores for more than 10% equity through 9 investment deals.
Strong ties with Saudi Arabia: Mukesh Ambani
Reliance Industries Chairman Mukesh Ambani said that we have a long-standing relationship with Saudi Arabia. PIF is playing an important role in the economic development of Saudi Arabia. We look forward to the continued support of PIF for our ambitious plan to enrich the lives of 130 crore Indians and millions of small traders and transform the retail sector. The new investment will help us plan for expansion. Reliance Retail has more than 12,000 stores across the country. At the same time, the company is expanding its base in e-commerce through Geo Mart.
