Reliance Industries shares hit a new record today when they rose as much as 2.5% to ₹Sentiments lifted after Reliance Retail Ventures announced a $ 1 billion investment from Silver Lake Partners on Wednesday. Mint reported that Reliance Retail Ventures is ready to attract additional investments worth $ 5 billion from KKR and Co., Mubadala Investment Co. and Abu Dhabi Investment Authority (ADIA), citing two people directly aware of the negotiations, they said.
California-based private equity fund Silver Lake, an investor in Reliance Industries Ltd’s Jio Platforms unit, has acquired a 1.75% stake in Reliance Retail Ventures to ₹7,500 crore, valuing the company at ₹4.21 trillion, or $ 57 billion.
In May, Reliance launched the JioMart online grocery service. It has been aggressively building its retail presence through acquisitions, going beyond its core oil and gas business.
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The conglomerate has already raised just over $ 20 billion from global investors, including Facebook Inc, by selling stakes in its Jio Platforms digital business.
Powered by Reliance’s Jio technology platform, the unit has retail businesses as varied as supermarkets and fashion chains, and operates nearly 12,000 stores.
Reliance Industries stock, which has a market capitalization of more than ₹14 million lakh rupees, more than doubled from their lows in March ₹867. (With contributions from the agency)
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