Reliance Retail to receive $1b from GIC, TPG
VietReader 5-10-2020, 09:49
“Indian oil-to-telecoms conglomerate Reliance Industries Ltd. said on Saturday that Singapore sovereign wealth fund GIC and global private equity firm TPG Capital invested a combined 7350 billion rupees (about US$1 billion) in its retail unit,”
Reuters
reported.

GIC and TPG will invest US$752 million and US$250 million in Reliance Retail for a 122% and a 041% stake in the company, respectively, said the report.


The latest investment gives Reliance Retail a pre-money valuation north of US$58.4 billion. It comes after the retail arm announced that it would be receiving
US$1 billion
from Silver Lake and
US$755 million
from private equity firm KKR last month.


Founded in 2006 Reliance Retail owns nearly 12000 physical stores in over 6500 cities and towns in India. The company, which serves more than 3.5 million customers each week, takes up around 97% of all retail sales in India, according to
TechCrunch
.


It also launched ecommerce platform JioMart, a joint venture with Jio Platforms – the digital arm of Reliance Industries. Since April this year, Jio Platforms raised over
US$20 billion
from investors including Facebook, Google, and Qualcomm, among others.

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