General Atlantic To Invest Rs 3,675 Crore In Reliance Retail Venture
General Atlantic to invest Rs 3,675 crore in Reliance Retail Venture, got the third investor. Private equity firm General Atlantic Partners has decided to invest Rs 3,675 crore in Reliance Retail.
In return, it will get a 0.84% stake in Reliance Retail. This is the third major investment in Reliance Retail. On Wednesday, Reliance Industries Limited and Reliance Retail Ventures Limited (“RRVL”) announced this investment.
The deal valued Reliance Retail’s pre-money equity at Rs 4.285 lakh crore. At the beginning of the year, General Atlantic invested Rs 6,598.38 crore in Jio Platforms. This is General Atlantic’s second investment in a subsidiary of Reliance Industries.
Reliance Group had a debt of Rs 1.60 lakh crore and with Jio’s money, the company has become net debt-free. So far, Silver Lake has invested Rs 7,500 crore and KKR has invested Rs 5,500 crore in Reliance Retail.
Mubadala Investment of Abu Dhabi is also planning to invest Rs 7,500 crore. It has invested in the Jio platform. Reliance Retail Limited has around 64 crore buyers annually in its more than 12 thousand stores spread across the country.
It is India’s largest and fastest-growing retail business. The company wants to develop a system of retail global and domestic companies, small industries, retail traders, and farmers to serve consumers at affordable prices and generate millions of jobs.
Mukesh Ambani, chairman and managing director of Reliance Industries, said, “I am happy that our relationship with General Atlantic has strengthened further. We are working to empower merchants and consumers and ultimately change the picture of Indian retail.
Like Reliance Retail, General Atlantic also believes in digital capability for growth and development. We look forward to leveraging General Atlantic’s expertise and its two decades of investment experience in India. Because we are developing a new commerce platform to change the appearance of retail in the country.
