MAM
Reliance Retail raises Rs 9,555 crore from PIF
MUMBAI: Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries, has raised Rs 9,555 crore from Saudi Arabia’s Public Investment Fund (PIF), taking its pre-money equity value to Rs 4,587 lakh crore.
This is the second investment by PIF in the Mukesh Ambani-led conglomerate. It had earlier acquired a 2.32 per cent stake in Jio platforms for Rs 11,367 crore.
The transaction, an official statement said, 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 per cent of its gross domestic product (GDP) which presents meaningful growth potential.
Reliance Industries chairman and managing director 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."
Yasir Al-Rumayyan, governor of PIF, said, "We are pleased to be furthering our trusted partnership with Reliance Industries. 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.”
The investments come amid the ongoing festive season, which is primetime for the country's retail sector. Flush with these funds, Reliance is probably hoping to counter rivals like e-tailers Flipkart and Amazon.
Reliance Retail operates India's largest, fast-growing retail business, serving close to 640 million footfalls at its around 12,000 stores across the country.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
