ADIA to invest Rs 5,512 crore in Reliance Retail
Reliance Retail has managed to get another investor onboard with the Abu Dhabi Investment Authority (ADIA) committing an investment of Rs 5,513 crore ($750.5 million) for a 1.2 percent stake in the company.
With this investment, Reliance Retail has raised Rs 37,710 crore from leading global investors, including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG, and ADIA, in less than four weeks.
Commenting on the investment, Mukesh Ambani, chairman and managing director of Reliance Industries, in a statement said: “We are delighted with ADIA’s current investment and continued support and hope to benefit from its strong track record of over four decades of value creation globally. The investment by ADIA is a further endorsement of Reliance Retail’s performance and potential and the inclusive and transformational new commerce business model that it is rolling out.”
Hamad Shahwan Aldhaheri, executive director at ADIA, added: “Reliance Retail has rapidly established itself as one of the leading retail businesses in India. This investment is consistent with our strategy of investing in market leading businesses in Asia linked to the region’s consumption-driven growth and rapid technological advancement.”
Reliance is India’s biggest retailer with roughly 12,000 stores, and has been looking to expand its so-called new e-commerce venture, as it vies for market share in India’s growing retail space.
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