Reliance Industries said in a filing to the stock exchanges that co-investors of Silver Lake will invest an additional Rs 1,875 crore into Reliance Retail Ventures, a subsidiary of Reliance Industries. This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13 percent equity stake in RRVL on a fully diluted basis.

This is the second investment by the private equity firm in Reliance Retail, having already bought 1.75 percent stake. Along with this, Silver Lake has also invested 2.08 percent in Jio Platforms, having invested Rs 10,202 crore in two tranches.

Earlier in the day, General Atlantic invested Rs 3,675 crore in Reliance Retail.

Reliance Retail Venture's subsidiary Reliance Retail operates India's largest retail business serving close to 640 million footfalls across its 12,000-odd stores nationwide in 7000 cities.

Oil-to-telecom conglomerate RIL is expanding its retail business and lining up a posse of global investors to take on rivals such as Amazon India and Walmart-owned Flipkart in India’s huge market.

The deal is subject to regulatory approvals.

Disclosure:

RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

First Published:Sept 30, 2020 10:31 PM IST