Singapore investment company GIC will invest ₹5512.5 crore in Reliance Retail Ventures Limited (RRVL). The sixth and the latest investment in recent weeks comes -- in exchange for 1.22 percent stake values Reliance Retail Ventures at a pre-money equity value of ₹4.285 lakh crore.
"GIC's global network and track record of long-term partnerships will be invaluable to the transformation story of Indian retail. This investment is a strong endorsement of our strategy and India's potential," Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said. Meanwhile, GIC CEO Lim Chow Kiat said he believes Reliance Retail will continue to use its extensive supply chain and store networks as well as strong logistics and data infrastructure, to add value to its customers and shareholders.
5 things to know
- GIC, a leading global investment firm established in 1981 to manage Singapore's foreign reserves, has investments in over 40 countries. It has been investing in emerging markets for more than two decades.
- According to a RIL statement, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure.
- Mukesh Ambani said he was delighted that GIC, with its track record of close to four decades of successful long-term value investing across the world, is partnering with Reliance Retail in its mission to transform the Indian retail landscape.
- Meanwhile, global investment firm TPG will also invest ₹1,837.5 crore into Reliance Retail Ventures Limited.
- The investment will translate into a 0.41 percent equity stake in RRVL on a fully diluted basis. This is the second investment announced in half an hour by Reliance Retail Ventures around mignight, the earlier one being by GIC of Singapore.
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