Friday, November 6, 2020
Saudi Arabia's PIF invests 1.3 billion dollars in India's Reliance Retail for 2.04% stake
Public Investment Fund (PIF) in Saudi Arabia had acquired 2.04% of India's Reliance Retail Ventures Limited for investment of 1.3 billion dollars.
Reliance Retail Ventures is the retail arm of the oil to telecoms Indian conglomerate Relaince, has been booking for investors from last few months. This investment follows a similar acquisition of 2.32% stake in Jio platforms, Reliance digital service subsidary by PIF in June. Trending : King Salman announces urgent aid of Earthquake to Izmir of Turkey
- Saudi Arabia's PIF and Chairman of Saudi Aramco 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 deal demonstrates PIF's commitment to investing and partnering for the long term with innovative businesses all over the world that lead and transform the sectors.
- The PIF is centerpiece of Saudi Arabia's Crown Prince Mohammed bin Salman's ambitious Vision 2030 program that is looking to change the fund into a giant investment vehicle to support Saudi Arabia's economic diversification away from oil by investing in exciting new industries all over the world.
- The investment is PIF's commitment for generating returns for the Saudi people and driving the economic diversification of Saudi Arabia. Recommend : In 8 cases, Expat can change his Job in Saudi Arabia
- Reliance industries is of Asia's richest man, Mukesh Ambani, who has been looking for investors as it seeks to expand its businesses online to take on its competitors like Flipkart and Amazon.
- We at Reliance have long-standing relationship with Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom, I welcome PIF as valued partner in Reliance Retail said Ambani. See Also : 5 Professions not covered in new Contractual relationship of Employers and workers in Saudi Arabia
