General Atlantic became the 3rd investor to invest in Reliance Retail

Business Finance World

Reliance has been engaged in raising funds for its Retail Venture and till now it has been able to collect thousands of crores. Earlier, Reliance raised funds for its Reliance Jio which was a great success as the amount raised by selling stakes in the company was a record for any Indian company. Today the Reliance company announced that they have been able to raise around Rs 3,675 crores for its Relian Retail Venture from a company based in the US. This company is named General Atlantic and it is a private equity firm in the US. According to the reports, this latest investment by General Atlantic has said that they value Reliance Retail by the value of Rs 4.285 crores. For investing Rs 3,675 crores in Reliance Retail, General Atlantic has bought around 0.84% stake in the company.

After this investment, General Atlantic has become the third company to invest in Reliance Retail. Earlier, Silver Lake and KKR were the firms that invested in Reliance Retail and earlier General Atlantic has also invested around Rs 6,598.38 crores in Reliance Jio. After this investment by General Atlantic in Reliance Retail, so far, Reliance Retail has been able to raise around Rs 16,725 crores and for this company has sold a 3.87% stake of the company. Out of this 3.87%, Silver Lake has a 1.75% stake and KKR has a 1.28% stake and the latest General Atlantic has a 0.84% stake. Silver Lake invested around Rs 7,500 crores and KKR invested around Rs 5,550 crores in the Reliance Retail.

Remarking on the arrangement with General Atlantic, RIL Chairman and Managing Director Mukesh Ambani in the announcement stated, “I am satisfied to broaden our relationship with General Atlantic as we progress in the direction of enabling the two traders and customers the same, and eventually changing Indian Retail.”

The exchange is dependent upon administrative and other standard endorsements, the announcement said.

Morgan Stanley went about as monetary guide to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk and Wardwell went about as lawful insight. Shardul Amarchand Mangaldas and Co and Paul, Weiss, Rifkind, Wharton and Garrison LLP went about as lawful guidance to General Atlantic, it included.

Remarking on the venture, Bill Ford, Chief Executive Officer of General Atlantic, stated, “General Atlantic is excited to back Mukesh’s New Commerce mission to drive generous positive change in the nation’s retail segment, which goes connected at the hip with his vision to empower a Digital India through crafted by Jio Platforms.”

Responding to the most recent turn of events, the portions of RIL had climbed 1.01 percent to Rs 2267.55 on the BSE in the early exchange on Wednesday.