Mukesh Ambani (Image: Reuters)
Reliance Industries (RIL) said it has received Rs 7,500 crore from US private equity firm Silver Lake Partners, which picked up 1.75 percent stake in its retail arm Reliance Retail Ventures on September 26.
This comes after an earlier announcement made on September 9, where RIL said it would receive Rs 7,500 from the American firm.
"Reliance Retail Ventures has allotted equity shares to SLP Rainbow Holdings Pte following which SLP Rainbow Holdings Pte holds 1.75 percent of the fully diluted equity share capital of Reliance Retail Ventures," the company said in a regulatory filing.
The Reliance arm is India’s biggest brick-and-mortar retail business and its footprint spans across 11,806 retail stores in over 7,000 towns with 28.7 million square feet of retail space.
On August 29, RIL said it would be buy the retail and wholesale business, as well as the logistics and warehousing business of the Future Group, for Rs 24,713 crore.
This is the second billion-dollar investment by Silver Lake in a RIL subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year.
According to a PTI report, with more than $60 billion in combined assets under management and committed capital as well as a focus on the world's great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing.
Silver Lake was the first US private equity firm to invest in Jio after tech giant Facebook acquired a 9.99 percent stake in the company for Rs 43,573.62 crore. It acquired 2.08 percent in Jio in two tranches for a total of Rs 10,202.55 crore.
Reliance Retail’s vision is to galvanise the Indian retail sector through an inclusive strategy serving millions of customers by empowering millions of farmers and micro, small and medium enterprises (MSMEs).
It also looks to work closely with global and domestic companies as a preferred partner, to deliver immense benefits to Indian society, while protecting and generating employment for millions of Indians.
With inputs from PTI Disclaimer: Reliance Industries (RIL), which also owns Reliance Retail, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments