Saudi Arabias Public Investment Fund said Thursday it will invest approximately $1.3 billion for a 2.04 percent stake in Indian conglomerate Reliance Industries retail arm, RRVL. The investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment, said a statement. The investment in RRVL follows an earlier acquisition of a 2.32 percent stake in Jio Platforms, the digital services subsidiary of Reliance Industries. The transaction is in line with PIF’s strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets. India’s retail sector is one of the largest in the world and accounts for over 10% of its gross domestic product (GDP) which presents meaningful growth potential. "We are pleased to be furthering our trusted partnership with Reliance Industries, the leading player in some of India’s most exciting sectors. This transaction demonstrates PIF’s commitment to investing and partnering for the long-term with innovative businesses around the world that lead and transform their sectors,” said PIF Governor Yasir Al-Rumayyan. “This investment further demonstrates PIF’s commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia.” Reliance Retail Limited, a subsidiary of RRVL, operates Indias largest, fast-growing retail business serving close to 640 million footfalls across its 12,000 stores across the country. Reliance Retail’s vision is to galvanize the Indian retail sector through its new commerce strategy, serving millions of customers by empowering millions of micro, small and medium enterprises (MSMEs). Chairman and Managing Director of Reliance Industries Mukesh Ambani 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,” he added.