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TPG to invest Rs 1,837 crore in Reliance Retail Ventures
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SME Times News Bureau | 04 Oct, 2020
Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL)
announced on Saturday that global investment firm TPG will invest Rs
1,837.5 crore into RRVL, a subsidiary of Reliance Industries.
This
investment values Reliance Retail at a pre-money equity value of Rs
4.285 lakh crore. TPG's investment will translate into a 0.41 per cent
equity stake in RRVL on a fully diluted basis. This marks the second
investment by TPG in a subsidiary of Reliance Industries, following a Rs
4,546 crore investment in Jio Platforms announced earlier this year.
This is the second investment announced in half an hour by Reliance
Retail Ventures around midnight, the earlier one being by GIC of
Singapore. Mukesh Ambani, Chairman and Managing Director of Reliance
Industries, said: "I am pleased to welcome TPG as valued investors in
Reliance Retail Ventures mission of growing and transforming the Indian
Retail ecosystem for the benefit of all Indians. TPG has a proven track
record of being a valuable partner to global technology businesses and
industry leaders and we look forward to their guidance and support in
our journey."
Jim Coulter, Co-CEO, TPG, said: "Regulatory
changes, consumer demographics and technological disruption are creating
seismic shifts across the entire retail value chain in India. In the
midst of this transformation, Reliance Industries has utilized
technology and scale to position Reliance Retail as an incredibly
strong, well-organized, and innovative leader. We are excited to join
with them as they seek to create a more inclusive retail industry that
allows Kiranas and Indian consumers to benefit from the connectivity,
efficiency, and accessibility of the Reliance Retail omnichannel
platform."
Isha Ambani, Director of Reliance Retail, said: "We
are delighted to welcome TPG to the Reliance Retail family in our
journey of revolutionizing the Indian Retail landscape and improving the
economic prospects of millions of merchants and enhancing consumer
experience. TPG's rich experience will be invaluable to the Reliance
Retail mission."
Puneet Bhatia, Co-Managing Partner and Country
Head, India of TPG Capital Asia, said: "There is a significant
opportunity to transform the Indian retail ecosystem for the better.
Through their New Commerce initiative, Reliance Retail continues to lead
the industry by creating a retail platform that meets the demands of a
new generation of Indian consumers. We are excited to work with Reliance
Industries as they reimagine the retail experience across the value
chain." TPG is making the investment from its TPG Capital Asia
fund. The transaction is subject to regulatory and other customary
approvals.
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