Reliance Retail completes largest fund raise exercise

During the last two months, Silver Lake Partners, KKR, Mubadala, ADIA, GIC, TPG, General Atlantic and PIF have completed their investment for a total stake of 10.09 per cent (on fully diluted basis) in RRVL.

“We are proud to have such strong and reputed partners in RRVL. We feel honoured by the phenomenal interest shown by investors in our business and look forward to working with our partners to benefit from their experience and global connectivity. 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,” said RRVL director Isha Mukesh Ambani.

Morgan Stanley acted as financial advisor to RRVL and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. BofA Securities, acting as additional financial advisor, advised on the process as well as transaction structuring.

RRVL is a subsidiary of Reliance Industries Limited, India’s largest private sector company. RRVL reported a consolidated turnover of ₹162,936 crore ($21.7 billion) and net profit of ₹5,448 crore ($726.4 million) for the year ended March 31, 2020.

Fibre2Fashion News Desk (RKS)