Reliance Industries is back to action nowadays. Call it the business vision or the potential that the company holds, the company knows how to keep innovating itself to stay top in the market.
Today the news of Reliance Industries is not about Jio Platforms, which is also doing well by attracting more and more investors from all over the world but we are going to talk about the company’s other venture and that is Reliance Retail.Want to know how has Reliance Retail stolen the limelight from Reliance Jio? Well, read below to understand more.
Reliance Retail Ventures Limited (RRLV) has been going really well since the past few weeks. All thanks to the investments that it has gained from General Atlantic, Silver Lake, KKR, Mubadala, GIC and TPG, and others.
We shouldn’t deny the fact that the above investors have also added their funds to the Jio Platforms but Reliance Retail has today gained a major investment from a company from Saudi Arabia named Public Investment Fund or PIF.
Celebrating the mega-event, the chairman of the company Mr. Mukesh Ambani announced to the media, “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.”
You would be amazed to know that the Reliance Retail company has received ₹9,555 crores ($1.3 billion approximately) from PIF.It means the company PIF will have a 2.04 percent stake in Reliance Retail.Not only this, but the investment of PIF is also seen in Jio Platforms for about a 2.32% stake.
For the uninformed, Reliance Retail has operations at around 2,000 stores all over the country.