US equity firm to invest ₹7,500 crore in Reliance Retail Ventures
The Mukesh Ambani-led Reliance Industries Limited (RIL) on Wednesday announced that Silver Lake, a US-based private equity firm, will invest ₹7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of the RIL. The investment, RIL said, will give Silver Lake a 1.5% equity stake in its retail venture.
The transaction, Reliance Industries said, values Reliance Retail Ventures at an equity value of ₹4.21 lakh crore.
Speaking about the deal, Mukesh Ambani, chairman and Managing Director of RIL, said, “I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector”.
This marks the second investment by Silver Lake in a Reliance Industries’ group company. Earlier, it had invested $1.35 billion in Jio Platforms, becoming the first US private equity firm to invest in Jio, after social media giant Facebook purchased a 9.99% stake in the company in April.