General Atlantic picks up stake in Reliance Retail for Rs 3,675 cr
Global private equity firm General Atlantic will invest Rs 3,675 crore to buy a 0.84% stake in Reliance Industries’ retail arm, extending the fundraising spree by Mukesh Ambani-led firm.
General Atlantic will invest in Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd, the Indian firm said.
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% stake and global private equity firm KKR’s Rs 5,550 crore investment for a 1.28% stake earlier this month.
“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.
Reliance Retail operates India’s largest, fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.