Private equity firm Silver Lake Partners is in talks to invest $ 1 billion in the retail arm of Reliance Industries Ltd of India (RELI.NS), the Financial Times reported Thursday, citing people with direct knowledge of the matter.
The investment, which would value Reliance Retail at about $ 57 billion, comes as the company aims to sell about 10% in new shares, the report added.
Silver Lake declined to comment on the report, while Reliance could not be immediately reached outside of normal business hours.
Reliance, an oil-to-telecommunications conglomerate controlled by India’s richest man Mukesh Ambani, is presenting its retail business as a formidable force in the world’s second-most populous country, expanding rapidly to attract potential investors.
The company has raised more than $ 20 billion from global investors, including Facebook Inc (FB.O), by selling stakes in its Jio Platforms digital business and has said it aims to attract investors to Reliance Retail in the coming quarters. .
In late August, Reliance said it would acquire Future Group India’s retail and logistics businesses in a deal valued at $ 3.38 billion, including debt.
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