Mukesh Ambani-led Reliance Industries on Wednesday announced that United States’ General Atlantic will buy a 0.84% stake in its retail arm...
Mukesh Ambani-led Reliance Industries on Wednesday announced that United States’ General Atlantic will buy a 0.84% stake in its retail arm, Reliance Retail Ventures, for Rs 3,675 crore. The deal gives Reliance Retail an equity value of Rs 4.29 lakh crore, the oil-telecom conglomerate said in a regulatory filing.
“I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail,” said Reliance Industries Chairman and Managing Director Ambani. He added that General Atlantic too believed in the “fundamental ability of digital enablement” to boost growth.
After the announcement, Reliance Industries shares rose about 0.48%, going up to Rs 2,256 on the BSE at 9.45 am.
“General Atlantic is thrilled to be backing Mukesh’s New Commerce mission to drive substantial positive change in the country’s retail sector, which goes hand-in-hand with his vision to enable a Digital India through the work of Jio Platforms,” said General Atlantic Chief Executive Officer Bill Ford.
This is General Atlantic’s second investment in Reliance Industries subsidiary. The US-based firm had earlier invested Rs 6,598.38 crore in Jio Platforms. For Reliance Retail Ventures, this is the third deal this month. On September 9, private equity company Silver Lake Partners bought 1.75%...
