"Saudi Arabia's PIF invests around Rs 9,000 crore in India's Reliance Retail".
The Saudi Arabian government is set to invest in India's Reliance Retail. According to a press release from Reliance, Saudi PIF is set to buy about 2.04 per cent stake in their company.
This means that the Saudi Arabian government is going to invest around Rs 9,000 crore or more in this Indian Reliance company. Earlier, Reliance Jio had invested in the PIF of the Saudi Arabian government.
The Arab government owns about 2.23 percent of Reliance's Jio. Moreover, the governments of Singapore and Abu Dhabi have already invested in Reliance.
The investment also includes Mubadala Invest Company, General Atlantic and KKR Silver Lake. Reliance Chairman Mukesh Ambani welcomed the Arab government's investment in PIF and said, "I welcome PIF."
He added that they are an important partner of Reliance Retail and we all want their long-term support and guidance for the future. As a result, 1.3 billion people in the country and those who are retailers will also prosper.
This Reliance company has a total of 12000 Reliance stores across the country. This PIF is a government agency and was created by the Saudi Arabian government many years ago. And this government agency has a huge amount of money invested in the country and abroad.