Reliance Retail Ventures on Wednesday said that United States private equity firm Silver Lake co-investors will be investing an additional Rs 1,875 crore into the retail arm of Reliance Industries.
The new investment will bring the aggregate net by Silver Lake and its co-investors in Reliance Retail Ventures to Rs 9,375 crore, translating into 2.13% equity stake on a fully diluted basis. Silver Lake had also previously invested in Reliance’s digital subsidiary Jio Platforms in the first half of 2020, acquiring a 2.08% equity stake in the company on a fully diluted basis. The deal was pegged at INR 10,202.55 Cr.
Reliance Industries Chairperson and Managing Director Mukesh Ambani said, “Silver Lake and its co-investors are valued partners on our journey to transform Indian Retail for the benefit of all Indians, we are pleased to have their confidence and support, as well as the benefit of their leadership in global technology investing and their valued network of relationships for the Retail revolution in India. Silver Lake’s additional investment is a strong endorsement of the tremendous potential of Indian Retail and the capabilities of Reliance Retail.”
Silver Lake was established in 1999 by David Roux, Glenn Hutchins, Jim Davidson and Roger McNamee to focus on large-scale investments in leading technology companies. The company has made 68 investments so far, of which it has led 39 rounds.
Silver Lake’s Co-CEO and Managing Partner Egon Durban, said, “We are delighted to increase our exposure and bring more of our co-investors into this unmatched opportunity. The continued investment momentum over the last few weeks is proof of the compelling vision and business model of Reliance Retail – and underscores the tremendous potential of the transformative New Commerce initiative.”