Reliance Retails raised Rs 47,265 Crore from 10.09% stake sale

Reliance retail has sold 10.09 per cent stake in Reliance Retail Ventures Limited to various private firms including Silver Lake Partners, General Atlantic, GIC and KKR. There are various sovereign wealth funds as well like Mubadala, PIF and Abu Dhabi investments.

Reliance Industries Limited announced last week that they have sold over 10 per cent of stake in its retail arm to some of the foreign investors for Rs 47,265 crores. It took two months to complete the largest fund raise in the sector.

Isha Ambani, director of Reliance Retail and daughter of RIL chairperson Mukesh Ambani told that the company is looking forward to work with its partner after the phenomenal interest shown by them.

Reliance Retail Limited, which is a subsidiary of RRVL, is one of India’s largest and fastest growing retail business with a footfall of over 640 millions spread across their 12000 stores in the country, which include fashion outlets, super marts, consumer electronic stores and cash, carry business wholesale business and grocery store JioMart.

JioMart was launched just after the lockdown this year in May. It is an e-commerce venture which connects the “Kirana” stores of the country with consumers.