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Silver Lake to invest Rs 7,500 crore in Reliance Retail for 1.75% stake

Oil-to-telecom heavyweight Reliance Industries (RIL) on Wednesday announced that Silver Lake will invest Rs 7,500 crore into its retail subsidiary Reliance Retail (RRVL). The investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis, the company informed in an exchange filing to the BSE. This is the second major investment Silver Lake in an RIL subsidiary. It had earlier invested $1.35 billion in Jio Platforms earlier this year. RIL, which is looking to expand its retail business through both online and offline channels, is talking to a range of global investors who are looking to invest in India’s largest retail firm and take on its e-commerce rivals – Amazon India and Walmart-owned Flipkart in the Indian market. The company has also been on a shopping spree to expand and consolidate its presence both in online and offline markets in the country. Last month, RRVL had agreed to acquire the retail business of Kishore Biyani’s Future Group in a consideration of Rs 24,713 crore. The company had also acquired a majority equity stake in online pharmacy Vitalic Health Pvt Ltd and its subsidiaries — known as Netmeds — for a cash consideration of around Rs 620 crore. Source link Read the full article