Global equity firm, General Atlantic will invest ₹3,675 crore into Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, for a 0.84% stake, Reliance Industries said today.
This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a ₹ 6,598.38 crore investment in Jio Platforms announced earlier this year.
The investment values Reliance Retail at an equity value of ₹ 4.285 lakh crore.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world. We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive New Commerce platform to redefine retail in the country.”
Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.
