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UAE, Saudi SWFs invest over $1b in Reliance unit

Waheed Abbas/Dubai
Filed on November 1, 2020 | Last updated on November 1, 2020 at 02.29 am
The group said in a quarterly presentation that each sovereign wealth fund (SWF) invested $506.8 million.

Reliance Industries on Friday announced a 15 per cent drop in its September-quarter profit.

The Abu Dhabi Investment Authority (Adia) and Saudi Arabia’s Public Investment Fund have invested over $1 billion (75.58 billion) in Reliance Industries’ Digital Fibre Infrastructure Trust.

The group said in a quarterly presentation that each sovereign wealth fund (SWF) invested $506.8 million. The company emphasised on tying up with major players, saying the induction of strong partners will help manage critical asset base.

Adia had also pumped in 55.12 billion into Reliance Retail Ventures, a subsidiary of Reliance Industries, which is owned by billionaire Mukesh Ambani. On October 1, another Abu Dhabi-based SWF, Mubadala, had also announced investing 62.475 billion into Reliance Retail Ventures.

Reliance Industries on Friday announced a 15 per cent drop in its September-quarter profit to 95.67 billion as Covid-19 impacted its oil business. But it still surpassed analysts’ estimates of 85.84 billion. Total revenue fell 24 per cent to 1.16 trillion.

“We delivered strong overall operational and financial performance compared to previous quarter with recovery in petrochemicals and retail segment, and sustained growth in digital services business,” chairman Ambani said. “Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products.”

Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raise in last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity,” he said in the quarterly report.

-waheedabbas@khaleejtimes.com





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