Reliance Retail closes on Rs. Rs 47.2 billion fundraising campaign

Reliance Retail closes on Rs.  Rs 47.2 billion fundraising campaign

Reliance of India said on Thursday that its retail arm had completed its fundraising exercise as more than half a dozen investors invested Rs. Rs 47,200 crore on a 10.09 percent stake in the company in two months.

Dependence The retail sector began raising capital in September, with a US-based private equity firm. Silver lake pumping out of Rs. 7.5 billion rupees for 1.6 per cent of the company.

The other eight investors in Reliance Retail include the Public Investment Fund of Saudi Arabia, a private equity firm KKR, Abu Dhabi State Fund Mubadala and the Abu Dhabi Investment Authority.

The funds will help Reliance, India’s largest retailer with approximately 12,000 stores, aggressively expand its so-called new business venture, linking neighborhood stores with Reliance for online delivery of groceries, clothing and electronics in a currently dominated space. by From Walmart Flipkart and From amazon Indian arm.

“With our focus on New Trade, we are committed to playing a transformative role in the Indian retail sector by empowering millions of merchants and micro, small and medium enterprises.” Dependence Retail director Isha Mukesh Ambani said in a statement.

Isha is the daughter of the richest man in Asia and president of Reliance, Mukesh Ambani.

Mumbai-based Reliance announced in August would buy retail, logistics and other assets Future group for $ 3.4 billion (approximately Rs 25.3 billion), including debt.

Amazon has challenged that deal, claiming Future violated certain contractual provisions it entered into last year in a separate deal with the U.S. e-commerce giant.

Reliance, a retail oil conglomerate, earlier this year raised just over $ 20 billion (roughly Rs. 1.48.3 billion) from global investors, including Facebook, selling shares in its Jio Digital business platforms.

Telecom company Jio, the mainstay of Jio Platforms, is India’s largest telecom company with over 402 million subscribers at the end of August.

hashantagari

Leave a Reply

Your email address will not be published. Required fields are marked *