By P.R. Venkat

Saudi Arabia's sovereign wealth fund Public Investment Fund has agreed to invest about $1.3 billion in the retail venture of Indian conglomerate Reliance Industries Ltd.

PIF's investment will buy a 2.04% stake in Reliance Retail Ventures Ltd., the Indian company said late Thursday.

Reliance Retail's pre-money value is now at about $62.4 billion with this latest investment.

PIF is the latest company to join a list of global investors that have sort to take a pie in Reliance Retail.

These investors include U.S. private equity firms Silver Lake, KKR & Co., General Atlantic and TPG.

"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," PIF Governor Yasir Al-Rumayyan said.

PIF's investment is its second in a Reliance Industries subsidiary following a near $1.5 billion investment in telecom unit Jio Platforms Ltd.

Reliance Retail operates India's largest and fastest-growing retail business, with close to 640 million footfalls across its more than 12,000 stores.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-05-20 1746ET