New Delhi: Singapore’s sovereign wealth fund GIC will invest Rs 5,512.5 crore to buy a 1.22 per cent stake in Reliance Retail Ventures Ltd (RRVL) of Reliance Industries Limited. The Indian company said this in a statement on Saturday. This RRVL is the fourth such deal in less than three days.
RIL announced on Thursday that Mubadala Investment Company, a sovereign wealth fund based in Abu Dhabi, would invest Rs 6,247.5 crore to buy a 1.4 per cent stake in its retail business. On Wednesday, the global equity firm General Atlantic took 0.84 per cent stake in the company for Rs 3,675 crore. With this, US-based PE investor Silver Lake has made a second investment of Rs 1,875 crore, taking its total investment in Reliance Retail to Rs 9,375 crore and holding 2.13 per cent.
Reacting to this, Mukesh Ambani, chairman and managing director of Riyansh Industries, said that he is happy that GIC, which has a track record of nearly four decades of long-term investment across the world, is looking at its retail business in India with Reliance Retail. Is compromising in the mission of changing. He said that GIC’s global network and track record of long-term settlement are invaluable for the story of change in Indian retail.
