New Delhi: Global alternative asset firm TPG will invest Rs 1,837.5 crore to buy 0.41 per cent stake in Reliance Industries’ retail arm, Retail Ventures Limited (RRVL),the Indian conglomerate announced on Saturday.
“Global investment firm TPG will invest ₹ 1,837.5 crore into RRVL, a subsidiary of Reliance Industries. This investment values Reliance Retail at a pre-money equity value of ₹ 4.285 lakh crore. TPG’s investment will translate into a 0.41% equity stake in RRVL on a fully diluted basis,” the company said in a regulatory filing.
This marks the second investment by TPG in a subsidiary of Reliance Industries, following a Rs 4,546.8 crore investment in Jio Platforms announced earlier this year.
Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest, the company said.
This is the second investment announced in half an hour by Reliance Retail Ventures around midnight, the earlier one being by GIC of Singapore.
On Thursday, Reliance Industries had announced that Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in its retail arm.
On Wednesday, global private equity firm General Atlantic picked up a 0.84 per cent stake in the company for Rs 3,675 crore. Also, US PE investor Silver Lake made a second investment of Rs 1,875 crore, taking its total fund infusion in Reliance Retail to Rs 9,375 crore for a 2.13 per cent stake.