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BENGALURU: Dependency industries Ltd said on Wednesday US private equity firm Silver Lake Partners It would buy a 1.75% stake in its retail arm for 7.5 billion rupees ($ 1.02 billion) as the Indian conglomerate strengthens its retail presence in the country.
Trust, controlled by the richest man in Asia Mukesh Ambani, has been aggressively building its retail business as it looks to attract potential investors over the next few quarters.
Silver Lake Investment Securities Reliance Retail at a pre-money capital value of Rs 4.21 lakh crore, the company said in a regulatory filing.
In a rapid expansion into India’s largely disorganized retail sector, Reliance bought Future Group’s retail and wholesale business and logistics and warehousing business in August for $ 3.38 billion.
In May, Reliance launched JioMart, an online grocery service in a move meant to rival Amazon’s local unit and Walmart’s Flipkart in the huge Indian market.
Silver Lake, whose portfolio of companies includes Airbnb and social media firm Twitter Inc, has previously invested in Reliance’s digital business as part of a Reliance fundraising wave that saw the conglomerate raise more than $ 20 billion from investors like Facebook Inc and Google of Alphabet. .
Reliance shares rose as much as 1.5% after the announcement in a Mumbai market that was down 0.5% in early trading.
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