General Atlantic to Invest Nearly $500 Million in Reliance's Retail Venture
By P.R. Venkat
U.S. private-equity firm General Atlantic LLC is planning to
invest 36.75 billion rupees ($498.2 million) in the retail venture
of Indian conglomerate Reliance Industries Ltd.
The investment will translate into a 0.84% stake in Reliance
Retail Ventures Ltd., valuing the company at INR4.29 trillion
pre-money, Reliance Industries said Wednesday.
Foreign companies have been investing heavily in various
Reliance Industries businesses such as its retail and
Last week another private-equity firm, KKR & Co., said it
would invest nearly $754.9 million in Reliance's retail unit.
Silver Lake has already invested $1.02 billion.
General Atlantic's investment is its second in a Reliance
Industries subsidiary following a INR65.98 billion investment in
telecom unit Jio Platforms Ltd.
Earlier this year, companies like Facebook Inc., Vista Equity
Partners, KKR & Co. and Saudi Arabia's sovereign wealth fund,
the Public Investment Fund, poured billions of dollars into the
"Like Reliance Retail, General Atlantic believes in the
fundamental ability of digital enablement to drive progress,
growth, and inclusion across India and the world," Reliance
Industries Chairman Mukesh Ambani said.
Reliance Retail operates India's largest and fastest-growing
retail business, with close to 640 million footfalls across its
more than 12,000 stores nationwide.
Morgan Stanley acted as Reliance Retail's financial adviser.
Write to P.R. Venkat at email@example.com
(END) Dow Jones Newswires
September 29, 2020 23:38 ET (03:38 GMT)
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