Saudi Arabia's wealth fund buys 2.04% stake in Reliance Retail Ventures

Saudi Arabia’s Public Investment Fund (PIF) will invest Rs 9,555 crore ($1.29 billion) for 2.04 per cent equity stake in Reliance Industries’ (RIL’s) retail arm. This investment values Reliance Retail Ventures (RRVL) at a pre-money equity value of Rs 4.587 trillion ($62.4 billion). The firms said the investment would further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud (colloquially known as MBS) is the chairman of PIF. The fund manages around $320 billion of assets. It had picked up stake in Tesla, Uber Technologies, and SoftBank