A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has agreed to invest ₹4,966.80 crore, approximately $597 million, into Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited. This investment by ADIA will translate into an equity stake of 0.59 per cent in RRVL on a fully diluted basis.

RRVL, through its subsidiaries and associates, operates India’s largest, fastest growing, and most profitable retail business serving 267 million loyalty customers with an integrated omnichannel network of over 18,500 stores and digital commerce platforms across baskets including fashion and lifestyle, ADIA and RRVL said in a press release.

“Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace. This investment aligns with our strategy of supporting our portfolio companies that are transforming their respective end-markets. We are pleased to partner with the Reliance Group, and increase our exposure to India’s dynamic and fast-growing consumer sector,” said Hamad Shahwan Aldhaheri, executive director of the Private Equities Department, ADIA.

“We are pleased to further deepen our relationship with ADIA with their continued support as an investor in Reliance Retail Ventures Limited. Their long-standing experience of over decades of value creation globally will further benefit us in implementing our vision and driving transformation of the Indian retail sector. ADIA’s investment in RRVL is a further testament to their belief in the Indian economy and our business fundamentals, strategy and execution capabilities,” said Isha Mukesh Ambani, executive director, Reliance Retail Ventures Limited.

The transaction is subject to customary approvals.

Fibre2Fashion News Desk (NB)

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