Reliance Industries is going to obtain an investment of INR 7,350 crore in the company’s retail unit. The chairman and MD of the company have attained more than 2 billion dollars from global investors over the former few months.
The government of Singapore investment corporation will be investing INR 5,512 crore for a 1.22% stake whereas Texas pacific group will be investing INR 1,838 crore which led the private equity company to own a 0.41% equity stake in the retail sector. The company, reliance has said that the investments in Reliance Retail will value the business at pre-money equity of INR 4,285 lakh crore.
This is going to Texas pacific group’s 2nd investment in the multinational conglomerate company, Reliance. In June, TPG invested 598 million dollars in Reliance’s Jio Platforms.
As per Reuters, Mukesh Ambani led Reliance has come closer to the Jio’s investors about buying stakes in its retail area.
Reliance having around 12000 stores in India has forged a 3.38 billion dollars to obtain rival Future Group’s retail corporate.
Reliance is also going to expand the latest commerce project, which will tie neighborhood stores with the company for placing online deliveries for any item ranging from groceries, clothing, and electronics in Walmart’s Flipkart and Amazon’s Indian arm.