The transaction values Reliance Retail Ventures Ltd (RRVL) at a pre-money equity value of ₹4.587 trillion.
The investment in RRVL follows PIF’s earlier acquisition of a 2.32% stake in Jio Platforms, the digital services subsidiary of Reliance Industries (RIL).
This marks the fifth investment of a company in Reliance Retail, taking the total fundraising so far to ₹34,355 crore.
Last month, Mubadala Investment Co., the sovereign wealth fund of Abu Dhabi, invested ₹6,247.5 crore in the retail unit of Reliance Industries Ltd.
Prior to Mubadala, US private equity investor General Atlantic invested ₹3,675 crore in Reliance Retail and US tech investor Silver Lake Partners decided to invest an additional ₹1,875 crore in the retailer. RIL announced a ₹7,500 crore investment by Silver Lake for a 1.75% stake in Reliance Retail on 9 September.
Silver Lake’s was the first investment in Reliance Retail after Ambani raised around ₹1.5 trillion through stake sales in Jio Platforms. The private equity firm had earlier picked up a 2.08% stake for $1.34 billion in Jio Platforms.