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Reliance Retail raises $1.3 billion from PIF

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 stated.

Reliance Retail, which serves greater than 3.5 million clients 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.

“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 companion in Reliance Retail and look ahead to their sustained assist and steering as we proceed our formidable journey to rework India’s retail sector for enriching the lives of 1.3 billion Indians and tens of millions of small retailers,” stated Ambani, who runs Reliance Retail’s mother or father agency, Reliance Industries, in an announcement.

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Written by Sourov

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