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Saudi Arabia's PIF Invests $1.3 Bln in India’s Reliance Retail

Saudi Arabia's PIF Invests $1.3 Bln in India’s Reliance Retail
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Saudi Arabia's PIF Invests $1.3 Bln in India’s Reliance Retail

Saudi Arabia's PIF Invests $1.3 Bln in India’s Reliance Retail

Saudi Arabia's 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 India's 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.

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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
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20
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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT

China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession.

Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the US dollar up slightly and lifted equity markets in Hong Kong and Japan.

“As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank.

But, he cautioned: "It’s clear that neither the US nor China want to be the first in reaching out for a deal."

China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs.

The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship.

A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach.

The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of US tariffs on investment and the operation of foreign firms in the country.

"The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said.

Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide.

The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear.

The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off US exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing.

The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response.

"Many of our member companies are significantly impacted by the tariffs on critical components imported from the US," President Jens Eskelund said.

A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines.

Huatai Securities said the list corresponded to $45 billion worth of imports to China last year.

China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities".