Silver Lake to invest additional Rs 1,875 crore in Reliance retail arm
US private equity firm Silver Lake Partners will invest an additional Rs 1,875 crore in the retail arm of Reliance Industries, the Indian firm said in a statement on Wednesday.
“Reliance Industries Limited (‘Reliance Industries’) and Reliance Retail Ventures Limited (‘RRVL’) announced today that co-investors of Silver Lake will invest an additional Rs 1,875 crore into RRVL, a subsidiary of Reliance Industries,” the statement said.
This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13 per cent equity stake in RRVL.
“This latest investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore,” the statement added.
Earlier on Wednesday, another US-based private equity firm General Atlantic had announced investing Rs 3,675 crore for a 0.84 per cent stake in Reliance Retail.
Commenting on the development, Reliance Industries Chairman and Managing Director Mukesh Ambani said, “Silver Lake and its co-investors are valued partners on our journey to transform Indian Retail for the benefit of all Indians. We are pleased to have their confidence and support, as well as the benefit of their leadership in global technology investing and their valued network of relationships for the Retail revolution in India.”
“Silver Lake’s additional investment is a strong endorsement of the tremendous potential of Indian Retail and the capabilities of Reliance Retail,” he added.