“Largest fund raise exercise in the sector completed within 2 months,” Reliance Industries Ltd (RIL) said in a press release on Thursday. “All the investments have been completed, with receipt of funds and issue of shares.”
Since September 25 , RRVL, the holding company of Reliance Retail, has raised billions of dollars from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority (ADIA), GIC, TPG, General Atlantic and Saudi Arabia’s Public Investment Fund (PIF). The global funds are enticed by the potential for RRVL to corner a chunk of India’s $800 billion annual retail market that is expected to swell to $1.3 trillion in the next three to four years. Reliance Retail operates 12,000 brick-and-mortar stores and has in May launched its e-commerce venture JioMart that seeks to marry the vast Reliance Retail network of outlets on its technological platform and plans to enrol legions of kirana outlets as last mile delivery and selling agents.
“Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”) have completed the current phase of partner induction and fund raise exercise for RRVL,” the press release said.
ET had reported in September that RIL is planning to raise about Rs 60,000-63,000 crore by selling a 15% stake in Reliance Retail and the Mumbai conglomerate has offered stakes to all the firms that had earlier this year injected capital into Jio Platforms when the RIL-owned telecom services provider attracted $20 billion FDI by selling 33% stake in the company to ten global funds and four US tech giants of Google, Facebook, Intel and Qualcomm.
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