RIL-General Atlantic Deal: American private equity firm General Atlantic will now invest 0.84% for Reliance Retail, a retail venture company of Reliance Industries (RRVL-Reliance Retail Ventures Limited).
new Delhi. After making a big investment in Reliance Jio, now American private equity firm General Atlantic will invest Rs 3675 crore in RRVL (Reliance Retail Ventures Limited). In return, the company will get 0.84 percent stake in Reliance Retail. Earlier this month, the world’s leading tech investor company Silver Lake also announced an investment of Rs 7500 crore in Reliance Retail (RRVL). In return, the company got a 1.75 percent stake in Reliance Retail. At the same time, American company KKR has bought a 1.75 percent stake in Reliance Retail for Rs 5550 crore. Reliance Retail Limited, a subsidiary of RRVL, operates India’s fastest growing retail business.
RIL-General Atlantic Deal- General Atlantic will buy 0.84 per cent stake in Reliance Retail for Rs 3675 crore. General Atlantic has invested in Reliance Retail at a valuation of Rs 4.28 lakh crore.
Reliance Industries Chairman and Managing Director (Mukesh Ambani, Chairman and Managing Director of Reliance Industries) Mukesh Ambani said, is very happy to pursue their relations with us General Atlantic.
Because we are working towards empowering both merchants and consumers alike and ultimately transforming Indian retail. Like Reliance Retail, General Atlantic has the fundamental capacity for digital enablement for growth, development and inclusion in India and around the world. Believes in
General Atlantic CEO Bill Ford said, “General Atlantic is excited to support Reliance Industries’ new commerce mission to bring substantial positive changes in the country’s retail sector.”
Reliance entered into organized retail business in the country in 2006. First of all, this company opened Reliance Fresh Store in Hyderabad. The company’s idea was to provide groceries and vegetables to customers from the nearest market. Starting with Rs 25,000 crore, the company started providing consumer durables, pharmacy and lifestyle products. After this, the company also ventured into electronics, fashion and cash and carry business.
The electronic retail chain was launched by the company in 2007. After this, in 2008 and 2011, Reliance entered the fashion and wholesale business through Reliance Trends and Reliance Market. By 2011, earnings through Reliance Retail’s sales had crossed $ 1 billion. The focus of Reliance Retail is on empowering millions of customers and micro, small and medium enterprises (MSMEs) and realigning the Indian retail sector by working closely with global and domestic companies as preferred partners.