Singapore’s sovereign wealth fund GIC will invest Rs 5,512.5 crore to buy a 1.22 per cent stake in Reliance Retail Ventures Ltd (RRVL) of Reliance Industries Limited.
Singapore’s sovereign wealth fund GIC will invest Rs 5,512.5 crore to buy a 1.22 per cent stake in Reliance Retail Ventures Ltd (RRVL) of Reliance Industries Limited. The Indian company said this in a statement on Saturday. This RRVL is the fourth such deal in less than three days.
The statement said that the investment has valued RRVL at a pre-money equity value of Rs 4.285 lakh crore.
Mubadala announced an investment of 6,247.5 crore
RIL announced on Thursday that Mubadala Investment Company, a sovereign wealth fund based in Abu Dhabi, would invest Rs 6,247.5 crore to buy a 1.4 per cent stake in its retail business. On Wednesday, global equity firm General Atlantic took 0.84 per cent stake in the company for Rs 3,675 crore. With this, US-based PE investor Silver Lake has made a second investment of Rs 1,875 crore, taking its total investment in Reliance Retail to Rs 9,375 crore and holding 2.13 per cent.
Earlier, KKR had taken a 1.28 per cent stake in the company for Rs 5,550 crore.
Debt fund 2020: choose this scheme to invest in October, not in an emergency
Reliance Industries focus on retail business
Reacting to this, Mukesh Ambani, chairman and managing director of Riyansh Industries, said that he is happy that GIC, which has a track record of nearly four decades of long-term investment across the world, is looking at its retail business in India with Reliance Retail. Is compromising in the mission of changing. He said that GIC’s global network and track record of the long-term settlement are invaluable for the story of change in Indian retail.
Further, Mukesh Ambani said that this investment is a strong promotion of his strategy and India’s capability.
GIC Chief Executive Officer Lim Chow Kiat said that through this new investment, the company will be able to position Reliance Retail for strong secular growth in the Indian retail market. The transaction will take place after regulatory and other customary approvals.
KKR-Reliance Retail Deal: Second foreigner in Reliance Retail in 15 days
Source: www.financialexpress.com
#GIC #invest #crore #Reliance #Retail #buy #stake
