Saudi Arabia PIF Invests About $1.3 Billion in Mukesh Ambani’s Reliance Retail - Bloomberg
Saudi Arabia’s Public Investment Fund, or PIF, plans to invest about $1.3 billion in billionaire Mukesh Ambani’s retail unit that has already mopped up more than $5 billion through stake sales this year.
The sovereign wealth fund will pick up a 2.04% stake in Reliance Retail Ventures Ltd., Reliance Industries Ltd. said in an exchange filing Thursday.
This will be the third investment for PIF in the conglomerate, helmed by Ambani -- Asia’s richest man -- as he seeks to transform his conglomerate into a retail and technology behemoth and pivot away from its staple oil-refining business that he inherited.
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