Reliance Industries (RIL), leading private sector enterprise with businesses in the energy and materials value chain, on Monday, announced that Reliance Retail Ventures, a subsidiary of the company, received the subscription amount of Rs 95.55 billion from Public Investment Fund (PIF) and allotted 140,051,300 equity shares to PIF.

Reliance Industries, on November 6, announced that The Public Investment Fund (PIF) will invest Rs 95.55 billion (approximately USD 1.3 billion) for an equity stake of 2.04% into Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries.

"This investment values RRVL at a pre-money equity value of Rs 4.587 trillion (USD 62.4 billion). This investment will further strengthen PIF’s presence in India's dynamic economy and promising retail market segment," the company said.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom of Saudi Arabia. I welcome PIF as a valued partner in Reliance Retail and look forward to their sustained support and guidance as we continue our ambitious journey to transform India’s retail sector for enriching the lives of 1.3 billion Indians and millions of small merchants."

Shares of the company gained Rs 30.95, or 1.51%, to trade at Rs 2,081.25. The total volume of shares traded was 993,561 at the BSE (Tuesday).