Mumbai: Reliance Industries on Wednesday announced that global growth equity firm General Atlantic will pick up 0.84 per cent equity stake in its subsidiary Reliance Retail Ventures Limited (RRVL) for Rs. 3675 Crore.
This is the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs. 6,598.38 crore investment in Jio Platforms announced earlier this year.
Earlier, this year General Atlantic had invested Rs.6598.38 crore in RIL’s telecom subsidiary – Jio Platforms.
“I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail. Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world. We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive New Commerce platform to redefine retail in the country” Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said.
General Atlantic has a longstanding tradition of backing disruptive entrepreneurs and companies around the world, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders.