Reliance Retail Closes Over Rs. 47,200-Crore Fundraising From 10.09 Percent Stake Sale


India’s Reliance on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured Rs. 47,200 crores into a 10.09 percent stake in the company in two months.

Reliance Retail began raising capital in September, with US-based private equity firm Silver Lake pumping Rs. 7,500 crores for 1.6 percent of the venture.

The eight other investors in Reliance Retail include Saudi Arabia’s Public Investment Fund, private equity firm KKR, Abu Dhabi state fund Mubadala and Abu Dhabi Investment Authority.

The funds will help Reliance, India’s biggest retailer with roughly 12,000 stores, to aggressively expand its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart’ s Flipkart and Amazon’s Indian arm.

“With our focus on New Commerce, we are committed to playing a transformational role in the Indian retail sector by empowering millions of merchants and micro, small and medium enterprises,” Reliance Retail director Isha Mukesh Ambani said in a statement.

Isha is the daughter of Asia’s richest man and Reliance’s chairman, Mukesh Ambani.

Mumbai-headquartered Reliance in August announced it would buy retail, logistics and other assets from Future Group for $3.4 billion (roughly Rs. 25,300 crores) including debt.

Amazon has challenged that deal, alleging Future breached certain contract provisions it entered into last year in a separate deal with the US e-commerce giant.

Reliance, an oil-to-retail conglomerate, earlier this year raised just over $20 billion (roughly Rs. 1,48,300 crores) from global investors, including Facebook, by selling stakes in its Jio Platforms digital business.

Telecoms venture Jio, the mainstay of Jio Platforms, is India’s biggest telecoms company with more than 402 million subscribers at end-August.

© Thomson Reuters 2020


Will Apple Silicon Lead to Affordable MacBooks in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.



Source link

Latest articles

Filmmaker and choreographer Prabhudheva has reportedly married his physiotherapist in September. The rumours are rife that the filmmaker got hitched in a...

Reliance Retail Closes Over Rs. 47,200-Crore Fundraising From 10.09 Percent Stake Sale

India's Reliance on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured Rs. 47,200 crores into...

We Can Be Heroes Trailer: Superhero Kids Must Escape Priyanka Chopra to Take on Aliens

Netflix has released the first teaser trailer for We Can Be Heroes, a superhero movie from Robert Rodriguez, in which superpowered children must...

Taimur Ali Khan Caught Eating Fries, Guess The Celeb Photographer (Hint: Its Not Kareena Kapoor)

Kareena has a special penchant for foodHighlightsKareena Kapoor was last seen in Angrezi MediumKareena Kapoor announced her pregnancy in SeptemberTaimur Ali Khan is...
44.1k Followers
Follow

Related articles

Leave a reply

Please enter your comment!
Please enter your name here