General Atlantic to invest Rs 3,675 cr in Reliance Retail ventures

TIL Desk/Business/Mumbai/ Global private equity firm General Atlantic will invest Rs 3,675 crore to buy a 0.84 per cent stake in Reliance Industries Ltd’s retail arm, extending the fundraising spree by billionaire Mukesh Ambani-led firm.

General Atlantic will invest in Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd, the Indian firm said in a statement. This is the third private equity investment in Reliance Retail, following US-based private equity firm Silver Lake’s Rs 7,500 crore investment for a 1.75 per cent stake and global private equity firm KKR’s Rs 5,550 crore investment for a 1.28 per cent stake earlier this month.

The transaction values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore. “This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year,” the statement said.