Saudi Arabia’s PIF Invests About $1.3 Billion in Mukesh Ambani’s Reliance Retail
- PIF had earlier invested in Reliance Jio, fiber optic assets
- Mukesh Ambani has raised more than $27 billion in stake sales
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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.