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India’s Reliance says GIC, TPG to invest about $1 bln in retail arm,,on October 2, 2020 at 9:50 pm
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India’s Reliance says GIC, TPG to invest about $1 bln in retail arm,,on October 2, 2020 at 9:50 pm

Indian oil-to-telecoms conglomerate Reliance Industries Ltd said on Saturday Singapore sovereign wealth fund GIC and global private equity firm TPG Capital invested a combined 73.50 billion rupees (about $1 billion) in its retail unit.

Reliance, controlled by Asia’s richest man Mukesh Ambani, has secured more than $2 billion in investments from global investors, including KKR & Co, Abu Dhabi state fund Mubadala and Silver Lake Partners, in Reliance Retail Ventures Ltd over the past few months.

GIC will invest 55.12 billion rupees for a 1.22% stake, while TPG Capital Management will invest 18.38 billion rupees to own a 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), Reliance said.

This is TPG Capital’s second investment in Reliance. In June, the firm invested $598 million in Reliance’s digital unit Jio Platforms.

Mumbai-headquartered Reliance has approached investors in Jio Platforms about buying stakes in its retail arm, Reuters had reported in September.

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Reliance, already India’s biggest retailer with roughly 12,000 stores, forged a $3.38 billion deal in August to acquire rival Future Group’s retail business.

The conglomerate is also expanding its so-called new commerce venture, which ties neighborhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc’s Flipkart and Amazon.com Inc’s Indian arm. ($1 = 73.2900 Indian rupees) (Reporting by Ann Maria Shibu and Aakriti Bhalla in Bengaluru; Editing by Devika Syamnath and Sriraj Kalluvila)

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