Silver Lake Partners, a private equity company (1), will soon invest 7,500 Crore INR in Reliance Retail (2) for the 1.75% stake. The company led by Mukesh Ambani made the announcement led company on Wednesday.
Earlier in 2020, Silver Lake had raised 1.35 billion USD for Reliance Jio. The giant’s retail purchase came weeks after Reliance purchased stakes in Future Group, led by Kishore Biyani via its retail unit. The latest investment value at Reliance Retail is standing at 57 Billion USD or 4.21 Lakh Crore INR.
The CEO and Managing Partner of Silver Lake, Egon Durban, stated that they are delighted to deepen their relationship with Reliance. He added that JioMart has impeccably progressed and grew in India and worldwide in such a short period. The growth phase came while the world is battling with a pandemic is excellent.
Egon said that the new commerce strategy of Reliance has the potential to be the disruptor of the decade.
Silver Lake to Invest in Reliance Retail and Digitise the Sector
Reliance Retail has over 12,000 stores in India. It is fleshing out its retail business to compete with Amazon and Flipkart. Reliance Retail is trying to digitize its unorganized merchants’ sector for a more efficient supply chain. The move will help it to perform better than its rival ecommerce behemoth.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, stated that he is joyful to extend their relationship will Silver Lake. It is a transformational effort to build an inclusive collaboration will millions of small merchants. The move will also provide value to consumers of India in the retail sector.
He added that technology is key to bring the required transformation in the sector. Several constituents of this ecosystem can partner to build inclusive growth platform,
In early trading on Wednesday, the shares of Reliance were slightly higher by 0.4%. The share prices rose even further by 1% when Silver Lake’s investment came into light.
Author: Rucha Joshi
Source : https://timesnext.com/silver-lake-to-buy-stake-in-reliance-retail-for-7500-crore-inr/
Date : 2020-09-09T05:46:36.000Z