Mukesh Ambani's Reliance Retail Unit Sells 1.75% Stake To US' Silver Lake
- The deal marks a second investment above $1 billion by Silver Lake in a Reliance Industries group company. (Also Read: Silver Lake, Co-Investors Take 2.1% Stake In Jio Platforms)
- The US-based company had earlier infused $1.35 billion in Reliance Industries' digital services arm, Jio Platforms, becoming the first US private equity firm to invest in Jio Platforms after Facebook took a 9.99 per cent stake in the company in April.
- Reliance Industries has been aggressively building its retail business as it looks to attract potential investors over the next few quarters.
- Silver Lake Partners is among global investors, including tech giants Facebook and Google, bullish on the Reliance Industries group businesses.
- “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," said Mukesh Ambani, chairman and managing director, Reliance Industries.
- Reliance Industries shares rose as much as 1.52 per cent to Rs 2,139.10 apiece on the BSE shortly after the announcement. At 10:01, the Reliance Industries stock traded 0.31 per cent higher at Rs 2,113.65 apiece on the BSE, outperforming the benchmark S&P BSE Sensex index which was down 0.71 per cent amid a selloff across sectors.
- "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,” Mr Ambani added.
- Reliance Industries has attracted a series of investments this year, which have helped the group become net debt-free company much ahead of its goal of March, 2021.
- Expanding its footprint into the country's retail sector, Reliance Industries purchased the retail, wholesale, logistics and warehousing businesses of Future Group for Rs 24,713 crore last month.
- In May, Reliance Industries launched JioMart, an online grocery service in a move aimed at rivalling Amazon's local unit and Walmart's Flipkart in the huge market.
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