Mumbai, Sep 30 : Reliance Industries Ltd (RIL) on Wednesday evening said that the co-investors of Silver Lake will invest an additional Rs 1,875 crore into Reliance Retail Ventures Ltd (RRVL).
This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13 per cent equity stake in RRVL on a fully diluted basis.
The latest investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.
With more than $60 billion in combined assets under management and committed capital and a focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing, the RIL statement said.
Its mission is to build and grow great companies by partnering with world-class management teams. Its other investments have included Airbnb, Alibaba, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders, the statement added.
Commenting on the aggregate investment by Silver Lake, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: “Silver Lake and its co-investors are valued partners on our journey to transform Indian Retail for the benefit of all Indians. We are pleased to have their confidence and support, as well as the benefit of their leadership in global technology investing and their valued network of relationships for the Retail revolution in India.”
He added that Silver Lake’s additional investment is a strong endorsement of the tremendous potential of Indian Retail and the capabilities of Reliance Retail.
Egon Durban, Co-CEO and Managing Partner of Silver Lake, said: “We are delighted to increase our exposure and bring more of our co-investors into this unmatched opportunity. The continued investment momentum over the last few weeks is proof of the compelling vision and business model of Reliance Retail – and underscores the tremendous potential of the transformative New Commerce initiative.”
The transaction is subject to regulatory and other customary approvals.
Earlier in the day, RIL announced that global growth equity firm General Atlantic will invest Rs 3,675 crore into its subsidiary Reliance Retail Ventures Limited to pick up 0.84 per cent equity stake in the company.
Disclaimer: This story is auto-generated from IANS service.