Reliance Industries Ltd announced that Singapore sovereign wealth fund, GIC and global equity firm, TPG Capital has invested a total Rs 7,350 crore ($1 billion) in its retail business.
Mumbai based Reliance Retail Ventures Ltd. (RRVL) has raised $2 billion in investments from global investors, including Silver Lake, KKR & Co, and Mubadala.
GIC is slated to invest Rs 5,512 crores for a 1.22% stake, while TPG Capital Management will invest Rs 1,838 crore for 0.41% equity stake in the retail arm, the company said.
The investments in Reliance Retail values the company at a pre-money equity value of 4.285 trillion rupees ($58.47 billion), Mukesh Ambani led company stated.
Mukesh Ambani, chairman and managing director of Reliance Industries said, “I am delighted that GIC, with its track record of close to four decades of successful long-term value investing across the world, is partnering with Reliance Retail in its mission to transform the Indian retail landscape.”
