In a bid to boost the expansion of its retail business, Mukesh Ambani's Reliance Industries has sold 1.75 percent stake to Silver Lake for Rs 7,500 crore investment in the retail unit of RIL.
The partnership is aimed at bolstering Reliance's retail business to take on rivals, including Amazon India and Walmart-owned Flipkart.
Commenting on the transaction with Silver Lake, Ambani said, “We believe technology will be key to bringing the much-needed transformation in this sector so that various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner
in implementing our vision for Indian Retail.”