Mumbai: Saudi Arabia’s Public Investment Fund, or PIF, plans to invest about $1.3 billion in Mukesh Ambani’s retail unit as Asia’s richest man continues to add marquee backers in a fundraising spree that has now surpassed $6.4 billion.
The sovereign wealth fund will pick a 2.04% stake in Reliance Retail Ventures Ltd. for 95.55 billion rupees ($1.3 billion), parent Reliance Industries Ltd. said in an exchange filing Thursday. The stake sale values India’s largest retailer at about $62.4 billion, it said.
| Investor | Date Announced | Amount (INR Billions) | Stake (%) |
|---|---|---|---|
| PIF | Nov. 5 | 95.55 | 2.04 |
| ADIA | Oct. 6 | 55.1 | 1.20 |
| TPG | Oct. 3 | 18.4 | 0.41 |
| GIC | Oct. 3 | 55.1 | 1.22 |
| Mubadala | Oct. 1 | 62.5 | 1.4 |
| General Atlantic | Sept. 30 | 36.8 | 0.84 |
| KKR & Co. | Sept. 23 | 55.5 | 1.28 |
| Silver Lake +co-investors | Sept. 9, 30 | 93.8 | 2.13 |
| Total | 472.75 | 10.52 |
Source: Company Filings
Key insights
Market performance
- Shares of Reliance Industries have soared 30% this year while the broader gauge S&P BSE Sensex has gained 0.2%.
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