(MC)
Reliance Industries Ltd (RIL) is set to raise Rs 7,350 crore from two investors — Singapore’s sovereign wealth fund GIC and Global alternative asset firm TPG — by selling a stake in the group’s retail arm. Through two separate deals, Reliance Industries will sell 1.63 percent stake in Reliance Retail Ventures Limited (RRVL). GIC will invest Rs 5,512.5 crore for 1.22 percent share in RRVL, while TPG will invest Rs 1,837.5 crore to buy 0.41 percent stake in the retail arm.
The investments value Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore. In less than three days, Reliance Industries has entered into five deals to sell stake in RRVL. Earlier, on October 1, RIL announced Abu Dhabi-based sovereign wealth fund Mubadala Investment Co would invest Rs 6,247.5 crore to buy a 1.4 percent stake in its retail arm.
