US based silver lake will invest 3700 crores in Reliance Retail Ventures as said by company’s chairman Mukesh Ambani. Silver Lake’s investment will translate into a 1.75 per cent stake in RRVL, the conglomerate said in a regulatory filing at the start of market hours. The deal is likely to bolster RIL’s retail presence in the domestic market. Reliance Industries said the transaction, subject to regulatory approvals, values Reliance Retail Ventures at an equity value of ₹ 4.21 lakh crore.“I am delighted to extend our relationship with Silver Lake to our transformation efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector,” said Mukesh Ambani, chairman and managing director, Reliance Industries.”We believe technology will be key to bringing the much-needed transformation in this sector so that various constituents of the retail ecosystem can collaborate to build inclusive growth platforms,” Mr Ambani added.Reliance Industries shares rose as much as 1.52 per cent to ₹ 2,139.10 apiece on the BSE shortly after the announcement. At 10:01, the Reliance Industries stock traded 0.31 per cent higher at Rs 2,113.65 apiece on the BSE, outperforming the benchmark S&P BSE Sensex index which was down 0.71 per cent amid a selloff across sectors.
Saturday, September 25, 2021