India: Silver Lake to invest $1b in Mukesh Ambani-led Reliance Retail

Mukesh Ambani Photo: Reuters.

Private equity firm Silver Lake Partners will invest ₹7,500 crore in the retail arm of Reliance Industries Ltd (RIL) for a 1.75% stake.

The investment values Reliance Retail at a pre-money equity value of ₹4.21 trillion, RIL said in a press statement.

Post announcement, RIL shares advanced 1.3% at ₹2132 crore on the BSE at 9.30 am.

Silver Lake, world’s largest tech investor, had earlier picked up a 2.08% stake for $1.34 billion in Jio Platforms.

RIL had earlier offered all 13 financial and strategic investors of Jio Platforms the option to invest in its Reliance Retail Ventures Ltd (RRVL) unit, according to a Mint report.

These investors, include Facebook, Google, KKR, Silver Lake and TPG. They helped RIL amass a total of ₹1.52 trillion in the past few months by picking up a combined 33% stake in its digital unit, Jio Platforms.

According to analysts, RIL is lining up these global investors to take on rivals such as Amazon India and Walmart-owned Flipkart in the Indian retail segment.

Reliance Retail Limited, a subsidiary of Reliance Retail Ventures Ltd (RRVL), operates India’s largest retail business serving close to 640 million footfalls across its 12,000 stores nationwide.

“Reliance Retail’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers by empowering millions of farmers and micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies as a preferred partner,” said RIL in the press statement.

RIL operates its retail business through unit Reliance Retail Ventures, the holding company for Reliance Retail Ltd and Reliance Brands. The latter operates joint ventures with international brands.

Silver Lake is an investor in some of the largest and successful tech companies globally such as Twitter, Airbnb, Alibaba, Dell Technologies, ANT Financials, Twitter, Alphabet’s Waymo and Verily, among others.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.