General Atlantic to invest $498.31 million in Reliance’s retail arm
The investment gives Reliance Retail a pre money valuation of 4.29 trillion rupees ($58.17 billion)
Reliance Industries Ltd said on Wednesday US Fund General Atlantic plans to invest 36.75 billion rupees ($498.31 million) for a 0.84% stake in its retail arm, making it the latest in a series of investments at the Indian oil-to-telecoms conglomerate.
The investment gives Reliance Retail a pre money valuation of 4.29 trillion rupees ($58.17 billion).
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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General Atlantic had earlier said it would invest 65.98 billion rupees in Reliance's digital arm Jio platforms, which has raised over $20 billion over the last few months.
The General Atlantic investment comes after Reliance raised around $1.8 billion for its retail arm from KKR & Co and Silver Lake Partners.
