Reliance Retail Completes Fundraising, Rakes In ₹ 47,265 Crore

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Reliance Industries Ltd on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured ₹ 47,265 Crore ($6.37 billion) for 10.09 per cent stake in the company in two months. Reliance Retail Ventures Ltd (RRVL) began raising capital in September, with U.S.-based private equity firm Silver Lake Partners pumping ₹ 7,500 crore for 1.6 per cent of the venture. The eight other investors in RRVL include Saudi Arabia’s Public Investment Fund, private equity firm KKR & Co Inc, Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Investment Authority.

The funds will help Reliance, India’s biggest retailer with roughly 12,000 stores, to aggressively expand its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel, and electronics in a space currently dominated by Walmart Inc’ s Flipkart and Amazon.com Inc’s Indian arm.

“With our focus on New Commerce, we are committed to playing a transformational role in the Indian retail sector by empowering millions of merchants and micro, small and medium enterprises,” RRVL director Isha Mukesh Ambani said in a statement. Isha is the daughter of Asia’s richest man and Reliance’s chairman, Mukesh Ambani.

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