RIL arm Reliance Retail Ventures raises Rs 7,350 cr from Singapore’s GIC, US-based TPG

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With the latest investments, the Mukesh Ambani-led retial company received a total Rs 31,894 crore since September 2020 from seven investors

Two more global companies have declared to invest in Mukesh Ambani-led Reliance Industries retail arm. Accordingly, Singapore’s GIC and US-based TPG will invest a total of Rs 7,350 crore in Reliance Retail Ventures Ltd (RRVL) for 1.6 percent stake in the company.

Reliance Industries (RIL) said on Saturday that GIC will invest Rs 5,512 crore to pick 1.22 percent stake in RRVL.

Similarly, TPG Capital Asia will invest Rs 1,837 crore for 0.41 percent stake. This marks the second investment by TPG in a subsidiary of RIL following Rs 4,546.8 crore investment in Jio Platforms announced earlier this year.

TPG is making the investment from its TPG Capital Asia fund.

The latest investments value RRVL at a pre-money equity value of Rs 4.28 lakh crore.

With these two investments, a total of three firms have infused funds over Rs 12,000 crore into RRVL since October 1.

On Thursday, Abu Dhabi-based sovereign investor Mubadala Investment Company declared to invest Rs 6,247.5 crore in RIL’s retail arm.

With the latest investments, RRVL received a total Rs 31,894 crore since September 2020 from investors including KKR & Co, General Atlantic, Silver Lake and Mubadala. These investors altogether picked over 7 percent stake in RRVL.

On the GIC investment, Mukesh Ambani, Chairman and Managing Director of RIL, said, “It gives me great pleasure to welcome GIC to the Reliance Retail family. I am delighted that GIC, with its track record of close to four decades of successful long-term value investing across the world, is partnering with Reliance Retail in its mission to transform the Indian retail landscape. GIC’s global network and track record of long-term partnerships will be invaluable to the transformation story of Indian Retail. This investment is a strong endorsement of our strategy and India’s potential.”

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