AGL 5.75 Decreased By ▼ -0.08 (-1.37%)
ANL 9.08 Increased By ▲ 0.05 (0.55%)
AVN 79.25 Increased By ▲ 0.45 (0.57%)
BOP 5.21 Increased By ▲ 0.05 (0.97%)
CNERGY 4.73 Increased By ▲ 0.05 (1.07%)
EFERT 81.22 Increased By ▲ 0.67 (0.83%)
EPCL 50.87 Decreased By ▼ -0.84 (-1.62%)
FCCL 13.51 Decreased By ▼ -0.10 (-0.73%)
FFL 5.82 Decreased By ▼ -0.03 (-0.51%)
FLYNG 7.25 Increased By ▲ 0.13 (1.83%)
FNEL 4.80 Decreased By ▼ -0.05 (-1.03%)
GGGL 8.90 No Change ▼ 0.00 (0%)
GGL 15.82 Decreased By ▼ -0.23 (-1.43%)
HUMNL 5.88 Increased By ▲ 0.08 (1.38%)
KEL 2.59 Decreased By ▼ -0.01 (-0.38%)
LOTCHEM 29.98 Decreased By ▼ -0.03 (-0.1%)
MLCF 25.28 Decreased By ▼ -0.12 (-0.47%)
OGDC 72.63 Increased By ▲ 0.48 (0.67%)
PAEL 15.43 Decreased By ▼ -0.06 (-0.39%)
PIBTL 5.13 Increased By ▲ 0.12 (2.4%)
PRL 16.48 Increased By ▲ 0.08 (0.49%)
SILK 1.09 Decreased By ▼ -0.01 (-0.91%)
TELE 9.53 Decreased By ▼ -0.12 (-1.24%)
TPL 7.40 Increased By ▲ 0.10 (1.37%)
TPLP 19.29 Increased By ▲ 0.06 (0.31%)
TREET 21.87 Decreased By ▼ -0.08 (-0.36%)
TRG 144.68 Decreased By ▼ -0.29 (-0.2%)
UNITY 17.56 Increased By ▲ 0.94 (5.66%)
WAVES 10.01 Increased By ▲ 0.01 (0.1%)
WTL 1.37 No Change ▼ 0.00 (0%)
BR100 4,258 Increased By 27.9 (0.66%)
BR30 15,841 Increased By 19.2 (0.12%)
KSE100 42,374 Increased By 302.3 (0.72%)
KSE30 15,665 Increased By 161 (1.04%)
Business & Finance

India's Reliance says retail venture completes fundraising, rakes in $6.4bn

  • Reliance Retail Ventures Ltd (RRVL) began raising capital in September, with US-based private equity firm Silver Lake Partners pumping 75 billion rupees for 1.6% of the venture.
Published November 19, 2020
Follow us

NEW DELHI: India's Reliance Industries Ltd on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured 472.65 billion rupees ($6.37 billion) into a 10.09% stake in the company in two months.

Reliance Retail Ventures Ltd (RRVL) began raising capital in September, with US-based private equity firm Silver Lake Partners pumping 75 billion rupees for 1.6% of the venture.

The eight other investors in RRVL include Saudi Arabia's Public Investment Fund, private equity firm KKR & Co Inc , Abu Dhabi state fund Mubadala Investment Co 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 Inc' s Flipkart and Amazon.com Inc'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," RRVL 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 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 from global investors, including Facebook Inc, 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 subscribers at end-August.

Comments

Comments are closed.

India's Reliance says retail venture completes fundraising, rakes in $6.4bn

November CPI likely to decline marginally

ECC approves Kissan Package: Power tariff for tubewells reduced to Rs13 per unit

Q4FY22 adjustment: KE tariff to go up by Rs1.55/unit

FTO says oil, gas sector ‘strictly’ governed by Ogra

FCA for Oct 2022: Nepra approves Rs3.3bn refund

General election: ECC approves Rs15bn for ECP

‘Released’ consignments: Customs Adjudication can’t recover short levy, tax: SHC

Shariat Court gives clean chit to PPWVA

Export of refined sugar: govt, PSMA fail to reach decision

Govt confers Sitara-e-Imtiaz on late journalist M. Ziauddin