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Tuesday
January 2021
2:31 PM IST
News Headlines
England beats Sri Lanka by 7 wickets in 1st test        Fourth Test: Rain forces early stumps with India at 4-0 while chasing 328 to win        Three UK partners with TCS to accelerate 5G network rollout        3 Adani Group-owned domestic airports accredited in ACI health accreditation programme        N. Korea''s parliament rubber stamps new development plans        Kremlin critic Navalny detained after landing in Moscow        'Rooting hard for you': Will departure notes end with Trump?        Tandav controversy: FIR against director, Amazon India head of content        Smiles, sanitizers welcome students as schools reopen in Delhi        COVID-19: India records lowest fatalities in eight months        Proposed tractor rally on Jan 26: It's law & order matter, says SC on plea for injunction against it        PM flags off 8 trains to boost connectivity to Statue of Unity        Fire in luggage van of running train doused in time in Kerala        Kerala logs 5,005 new COVID-19 cases, 4,408 recoveries        Farmer unions say they will go ahead with tractor march in Delhi on Republic Day        Kremlin critic Navalny departs Berlin on Moscow-bound flight        Cargo ship sinks in the Black Sea; 3 dead, 6 rescued        4th Test: Australia 21/0 at stumps, lead India by 54 runs after Sundar, Thakur fightback        NorthEast end winless streak to bag crucial points against Jamshedpur        India take tea break at 62/2, replying to Australia's 369        
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Business News
Saudi PIF invest Rs 9,555 crore in Reliance Retail Ventures
 
Mumbai: Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) said on Thursday that the Public Investment Fund (PIF) will invest Rs9,555 crore (approximately USD1.3 billion) for an equity stake of 2.04 pc into RRVL, a subsidiary of Reliance Industries.

This investment values RRVL at a pre-money equity value of Rs4.587 lakh crore (approximately USD62.4 billion). It will further strengthen PIF's presence in India's dynamic economy and promising retail market segment. The investment in RRVL follows PIF's earlier acquisition of a 2.32 pc stake in Jio Platforms, the digital services subsidiary of Reliance Industries.

The transaction is in line with PIF's strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets. India's retail sector is one of the largest in the world and accounts for over 10 pc of its gross domestic product (GDP) which presents meaningful growth potential.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: "We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom of Saudi Arabia. I welcome PIF as a valued partner in Reliance Retail and look forward to their sustained support and guidance as we continue our ambitious journey to transform India's retail sector for enriching the lives of 1.3 billion Indians and millions of small merchants."
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 long-term with innovative businesses around the world that lead and transform their sectors."

"This investment further demonstrates PIF's commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia."

The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy.


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KERALA NEWS
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INTERNATIONAL NEWS
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NATIONAL NEWS
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