Mukesh Ambani
Mukesh Ambani

Reliance Industries announced that Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries. Silver Lake will pick up 1.75 per cent equity stake in RRVL on a fully diluted basis. The transaction is subject to regulatory and other approvals.

This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Reliance Retail Limited serves close to 640 million footfalls across its nearly 12,000 stores nationwide.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said, “I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector. We believe technology will be key to bringing the much-needed transformation in this sector so that various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner in implementing our vision for Indian Retail."

Egon Durban, Co-CEO and Managing Partner of Silver Lake, said, “We are pleased to deepen our relationship with Reliance with this investment. The success of JioMart in such a short time span, especially while India, along with the rest of the world, battles the COVID-19 pandemic, is truly unprecedented, and the most exciting growth phase has just begun. Reliance’s New Commerce strategy could become the disruptor of this decade. We are thrilled to have been invited to partner with Reliance in their mission for Indian Retail."

Silver Lake has also invested USD 1.35 billion in Reliance Jio and now, it has invested in the retail business.

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