Published 11:24 IST, September 9th 2020
Reliance Retail announces Rs 7,500 crore investment from US-based firm Silver Lake
American private equity firm Silver Lake has bought a 1.75 percent stake in Reliance Retail Ventures Limited (RRVL) for a whopping Rs. 7,500 crore.
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American private equity firm Silver Lake has bought a 1.75 percent stake in Reliance Retail Ventures Limited (RRVL) for a whopping Rs. 7,500 crore. The latest investment values Reliance Retail at Rs. 4.21 lakh crore, the Mukesh Ambani owned company said. The investment by Silver Lake is the second billion-dollar investment in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms earlier this year.
'Will be an invaluable partner'
"I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector. 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," Mukesh Ambani, Chairman, and Managing Director, Reliance Industries said.
Reliance Retail Ventures Limited currently operates 12,000 stores nationwide serving nearly 640 million people annually. Through its new commerce strategy, Reliance Retail has started a transformational digitalization of small and unorganised merchants and expects to expand the network to over 2 crores of these merchants in the future.
"We are pleased to deepen our relationship with Reliance with this investment. Mukesh Ambani and his team at Reliance have created an outstanding world leader in retail and technology through their courageous vision, commitment to societal benefits, innovation excellence, and relentless execution. The success of JioMart in such a short time span, especially while India, along with the rest of the world, battles the COVID-19 pandemic, is truly unprecedented, and the most exciting growth phase has just begun, Silver Lake's Co-CEO and Managing Partner, Egon Durban said.
Silver Lake, a California-based company has more than $60 billion in combined assets under management and committed capital. The US company's other investments include Airbnb, Alibaba, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter, etc.
11:25 IST, September 9th 2020