Reliance Retail Ventures Ltd. said it completed the “largest fundraise exercise in the sector” by raising Rs 47,265 crore from global private equity funds for a 10.09 per cent stake, valuing the company at more than Rs 4.2 lakh crore.
“All the investments have been completed, with receipt of funds and issue of shares,” parent company Reliance Industries Ltd. said in a statement on Thursday.
Since September 25, Reliance Retail Ventures has raised about $6.4 billion from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority, GIC, TPG, General Atlantic and Saudi Arabia’s Public Investment Fund.
The global funds expect RRVL to corner a chunk of India’s $800 billion annual retail market that is expected to swell to $1.3 trillion in three to four years. Reliance Retail operates 12,000 brick-and-mortar stores and launched its e-commerce venture JioMart in May, seeking to bring its vast network of outlets on to its online platform and enrol legions of kirana outlets as last-mile delivery and selling agents.
ET reported in September that Reliance Industries plans to raise Rs 60,000-Rs 63,000 crore by selling 15 per cent stake in Reliance Retail and that the Mumbai-based conglomerate had offered stakes to all firms that had earlier this year invested $20 billion in Jio Platforms, its digital communication services entity.
Source: Economic Times