Reliance Retail, a subsidiary of Reliance Industries, will now be receiving investments from high-profile investors, GIC and TPG. The Government of Singapore Investment Corp or GIC will make an investment of $752 million, while the TPG is set to invest $250 million in the Indian firm.
As stated by Reliance, the investments from GIC and TPG will give it a pre-money valuation of $58.5 billion, which will earn an equity stake of 1.22 percent and 0.41 percent in Reliance Retail for GIC and TPG respectively. However, that’s not the end of the investments raised by Reliance. Recently, it has revealed that Mubadala will be investing $855 million for an equity stake of 1.4 percent, Silver Lake will be investing $254 million for a 0.38 percent stake, and General Atlantic will be investing $4988 million for a 0.84 percent stake.
TPG had earlier invested in Reliance Jio, and this will be the second time it will be investing in Reliance for its retail subsidiary. But for GIC, this will be its first investment in Reliance. Talking about the investment, Mukesh Ambani, Chairman and MD of Reliance Industries, said, “GIC’s global network and track record of long-term partnerships will be invaluable to the transformation story of Indian Retail. This investment is a strong endorsement of our strategy and India’s potential.”