Reliance Industries forged a $ 3.38 billion deal in August to acquire the retail business of rival Future Group
Reliance Industries, the oil-to-telecoms conglomerate led by billionaire Mukesh Ambani, said on Saturday that Singapore’s sovereign wealth fund GIC and global private equity firm TPG Capital invested a total of 7,350 crore (about $ 1 billion ) at your retail unit.
Reliance Industries, controlled by Asia’s richest man, Mr. Ambani, has secured more than $ 2 billion in investments from global investors, including KKR & Co, Abu Dhabi Mubadala state fund and Silver Lake Partners, in Reliance Retail Ventures for the past few months.
GIC will invest Rs 5,512 crore for a 1.22 percent stake, while TPG Capital Management will invest Rs 1,838 crore to own a 0.41 percent equity stake in the retail arm, the company said.
Investments in Reliance Retail give the company a pre-money equity value of 4,285 lakh crore rupees ($ 58.47 billion), Reliance Industries said.
This is TPG Capital’s second investment in Reliance. In June, the company invested $ 598 million in Reliance’s Jio Platforms digital unit.
Mumbai-based Reliance Industries has approached investors in Jio Platforms to buy stakes in its retail arm, Reuters news agency reported in September.
Reliance Industries, already India’s largest retailer with approximately 12,000 stores, forged a $ 3.38 billion deal in August to acquire the retail business of rival Future Group.
The conglomerate is also expanding its so-called new business venture, linking neighborhood stores with Reliance Industries for online deliveries of groceries, clothing, and electronics in a space currently dominated by Walmart Inc.’s Flipkart and Amazon.com’s Indian division. Inc.
($ 1 = Rs 73.2900)
.
