5.5 C
New York
Thursday, March 4, 2021

Silver Lake to buy 1.75% stake in Reliance Retail for Rs 7,500 crore

Must read

Fed’s Powell pledges patience, says easy policy appropriate

Economy7 minutes ago (Mar 04, 2021 01:36PM ET) ...

U.S. mortgage rates break above 3% for the first time since July – Freddie Mac

Economic Indicators8 minutes ago (Mar 04, 2021 01:35PM ET) ...

McDonald’s to keep dining rooms closed in Texas, Mississippi

Stock Markets8 minutes ago (Mar 04, 2021 01:35PM ET) ...

Next ‘Fast & Furious’ movie delayed until June

Sports & General13 minutes ago (Mar 04, 2021 01:30PM ET) ...

NEW DELHI: US private equity firm Silver Lake will invest Rs 7,500 crore in Reliance Retail for around 1.75 per cent stake in the company.

This marks the second billion dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year.

Shares of RIL traded 1.07 per cent higher at Rs 2129.60 after the announcement, while the benchmark BSE Sensex was down 0.49 per cent at 38,179.

“Reliance Industries and Reliance Retail Ventures (RRVL) announced today that Silver Lake will invest Rs 7,500 crore into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis,” RIL said in a release.

The transaction is subject to regulatory and other customary approvals.

“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,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

Egon Durban, Co-CEO and Managing Partner of Silver Lake, said, “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 is the global leader in technology investing, with over $40 billion in combined assets under management. The company has a terrific track record of investing in some of the largest and successful tech companies globally such as Twitter, Airbnb, Alibaba, Dell Technologies, ANT Financials, Twitter, Alphabet’s Waymo and Verily amongst others.

- Advertisement -

Latest article

Fed’s Powell pledges patience, says easy policy appropriate

Economy7 minutes ago (Mar 04, 2021 01:36PM ET) ...

U.S. mortgage rates break above 3% for the first time since July – Freddie Mac

Economic Indicators8 minutes ago (Mar 04, 2021 01:35PM ET) ...

McDonald’s to keep dining rooms closed in Texas, Mississippi

Stock Markets8 minutes ago (Mar 04, 2021 01:35PM ET) ...

Next ‘Fast & Furious’ movie delayed until June

Sports & General13 minutes ago (Mar 04, 2021 01:30PM ET) ...

Israel stocks lower at close of trade; TA 35 down 0.75%

Stock Markets13 minutes ago (Mar 04, 2021 01:30PM ET) ...