Mumbai : While the Indian economy is facing one of the most severe downturns in history, Reliance Industries (RIL) has continued to attract FDI from global investors. RIL’s Retail subsidiary Reliance Retail Ventures Ltd (RRVL) has received investments from Singapore based GIC and USA based TPG.
While, TPG will to pick up 0.41 per cent equity stake in RRVL for 1837.5 Crore , GIC will pick up 1.22 per cent equity stake for Rs. 5512.5 crore.
While, for GIC this is the maiden investment in a RIL company, for TPG, this is the econd investment after its Rs.4546.8 Crore investment in Jio Platforms earlier this year.
“It gives me great pleasure to welcome GIC to the Reliance Retail family. 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. GIC’s global network and track record of long-term partnerships will be invaluable to the transformation story of Indian Retail. This investment is a strong endorsement of our strategy and India’s potential” Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said.
“I am pleased to welcome TPG as valued investors in Reliance Retail Ventures mission of growing and transforming the Indian Retail ecosystem for the benefit of all Indians. TPG has a proven track record of being a valuable partner to global technology businesses and industry leaders and we look forward to their guidance and support in our journey” he added.