US’ Silver Lake to Acquire 1.75% Stake in Reliance Retail for $1 Billion
US-based private equity firm Silver Lake picked up a 1.75% stake in Reliance Retail Ventures for Rs 7,500 crores on Wednesday. Mukesh Ambani-led company is estimated at an equity value of Rs 4.21 lakh crore.
This is the third huge investment this year by Silver Lake in India after investing $1.35 billion in Reliance Industries’ mobile network operator Jio and raising $500 billion in educational startup Byju’s. Reliance also has strategic investors like tech-based firms Facebook and Google on-board with a reliable and flourishing business model.
The company had launched an online grocery service JioMart, aiming to expand its footprint in the Indian retail sector. Last month, Reliance Industries purchased the retail, wholesale, logistics, and warehousing business of Future Group for Rs 24,713 crores.
Silver Lake is a leading tech investor with a strong network of investment worldwide. Reliance is expected to bolster its retail business after the extended relationship with the investment firm.
It would be competing with e-commerce giants like Amazon and Walmart’s Flipkart in the huge market. The company has a courageous vision to prosper as well as add value to customers across the country through technology and innovation in the retail sector.