Home News Reliance Retail raises $1.3 billion from PIF

Reliance Retail raises $1.3 billion from PIF

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The Public Funding Fund, which has this 12 months invested $1.5 billion in Mukesh Ambani’s telecom venture Jio Platforms and more than half a billion dollars in his fiber-optic business, has returned to again one more empire constructed by India’s richest man.

The sovereign wealth fund is investing $1.3 billion in Reliance Retail for a 2.04% fairness stake within the largest retail chain in India. The funding values Reliance Retail, which was based in 2006, at $62.4 billion (up from about $58 billion final month), the Indian agency mentioned.

Reliance Retail, which serves greater than 3.5 million prospects every week (as of early this 12 months) by its practically 10,000 bodily shops in additional than 6,500 cities and cities within the nation, has now raised over 6.4 billion since September this year.

Ambani (pictured above), who raised greater than $20 billion for Jio Platforms this 12 months from a roster of marquee traders together with Fb and Google, is anticipated to boost one other few billion {dollars} for Reliance Retail by the top of the 12 months. One of many corporations that’s widely expected to invest in Reliance Retail is Amazon, which has poured in over $6.5 billion in its India business to date.

The 2 commerce giants are at the moment caught in a impasse over Reliance’s $3.4 billion acquisition of several businesses of Future Retail, the second largest retail chain in India. Amazon, which owns a small stake in one of Future Retail’s subsidiaries, is fighting a legal battle to block the deal between Reliance and Future Retail. Future Retail and Reliance Industries have mentioned that they intend to proceed with their deal.

“We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is on the forefront of the financial transformation of the Kingdom of Saudi Arabia. I welcome PIF as a valued accomplice in Reliance Retail and sit up for their sustained help and steerage as we proceed our formidable journey to rework India’s retail sector for enriching the lives of 1.3 billion Indians and thousands and thousands of small retailers,” mentioned Ambani, who runs Reliance Retail’s guardian agency, Reliance Industries, in a press release right now.