Reliance Retail Ventures Limited, the retail business of Mukesh Ambani’s Reliance Industries Ltd, has received ₹7,500 crore from tech investor Silver Lake, the company said in a stock exchange filing on Saturday.
“Reliance Retail Ventures Limited has allotted equity shares to SLP Rainbow Holdings Pte. Ltd. following which SLP Rainbow Holdings Pte. Ltd. holds 1.75% of the fully diluted equity share capital of Reliance Retail Ventures Limited,” the company said.
Reliance had announced on 9 September that Silver Lake would buy 1.75% stake in Reliance Retail for ₹7,500 crore.
Silver Lake’s is the first investment in Reliance Retail after Ambani raised around ₹1.5 trillion through stake sales in Jio Platforms.
Silver Lake had earlier picked up a 2.08% stake for $1.34 billion in Jio Platforms.
Mint reported earlier this month that other Jio Platforms investors such as sovereign wealth funds Mubadala and Abu Dhabi Investment Authority (ADIA) are also in talks to invest in Reliance Retail, having previously invested in Jio Platforms.
This article was first published on livemint.com.