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Singapore's GIC, TPG Inject Fresh Investments Into Reliance Retail

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After Jio Platforms it is raining investments for Reliance Industries' retail arm. On Friday (October 2, 2020), Singapore-based investment company GIC said it will invest Rs. 5512.5 crore into Reliance Industries' retail subsidiary for a 1.22% stake in the company.

Singapore's GIC, TPG Inject Fresh Investments Into Reliance Retail
 

"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", Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said on the latest deal.

Lim Chow Kiat, CEO, GIC, said, "We believe Reliance Retail will continue to use its extensive supply chain and store networks, as well as strong logistics and data infrastructure, to add value to its customers and shareholders."

Also, global alternative asset firm TPG will invest 1,837.5 crore into Reliance Retail Ventures for acquiring 0.41% holding in the retail company. The deal which is the seventh investment off late values Reliance Retail Ventures (RRVL) at a pre-money equity value of Rs 4.285 lakh crore, said RIL in a late night statement on October 3.

The company earlier announced an investment of Rs. 4546.8 crore in RIL's Jio Platforms.

Grabbing remarkable global investor interest, RIL's Reliance Retail till now has aggregated a sum of Rs 32,197.5 crore for a total equity stake of 7.28 percent.

Morgan Stanley has been the financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell were the legal counsels.

GoodReturns.in

Read more about: gic tpg reliance industries
Story first published: Saturday, October 3, 2020, 7:39 [IST]
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