Saudi Arabia’s Public Investment Fund (PIF) is in talks to buy a stake in Reliance Retail, a subsidiary of Indian billionaire Mukesh Ambani’s Reliance Industries, The Financial Times reported citing sources.

 

The Saudi fund plans to invest about $ 1.5 billion in Reliance Retail, the report said.

 

According to the data available with Argaam, the PIF announced last June that it has invested nearly $1.5 billion in Jio Platforms, the leading digital company in India, by acquiring a 2.32% stake in the firm.

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