Reliance is just not stopping yet as it ropes in another investor in the form of General Atlantic to its retail business dubbed as Reliance Retail Ventures Limited or RRVL. Already RRVL has got huge investments from KKR and Silver Lake, now with adding a few more cash from General Atlantic, Jio plans big in the retail business of India.
The ₹ 3,675 crores investment values Reliance Retail at a pre-money equity value of ₹ 4.285 lakh crore. General Atlantic’s investment will translate into a 0.84% equity stake in RRVL on a fully diluted basis. General Atlantic previously invested in Jio Platforms as well with a whopping ₹ 6,598.38 crores.
Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail. Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world. We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive New Commerce platform to redefine retail in the country.”
Mr. Bill Ford, Chief Executive Officer of General Atlantic, said, “General Atlantic is thrilled to be backing Mukesh’s New Commerce mission to drive substantial positive change in the country’s retail sector, which goes hand-in-hand with his vision to enable a Digital India through the work of Jio Platforms. General Atlantic shares Reliance Industries’ foundational belief in the power of technology to foster transformative growth, and we are excited by the immense potential of the full Reliance ecosystem. We are honored to again be partnering with the Reliance team to meaningfully accelerate India’s position in the global digital economy.”
With a series of investments into Reliance retail, they will utilize this money to transform the retail business, which accounts for a lot of profit in the Indian economy. Already Jio Mart has made a good start in the online retail industry; on the other hand, the acquisition of Future Group has helped Reliance to expand its stores in the country.
Although the pandemic has slowed the retail business a lot in India, however, with time, Reliance Retail is ready to give a tough fight to its competitors and maybe revolutionize the market as they did with Jio.
via Reliance Press Release
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