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Reliance Retail in talks with Silver Lake to sell 1.8% stake for Rs 7,500 crore: report

12:24 PM Sep 04, 2020 | FPJ Web Desk

Billionaire Mukesh Ambani-led Reliance Retail is in advance talks with American private equity investor Silver Lake to sell 1.7-1.8% stake in the entity for about Rs 7500 crore, reported Times Now.

As per the report, the investment, which would value Reliance Retail at about USD 57 billion (nearly Rs 4.3 lakh crore), comes as the company is aiming to sell about 10% in new shares.

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Meanwhile, a Reliance Retail spokesperson told Economic Times that the company does not comment on media speculation and rumours. “Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Sebi rules and our agreements with stock exchanges,” the spokesperson said.

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Earlier this year, Mukesh Ambani had raised USD 20 billion of investment for Jio Platforms from 13 global investors. This includes about Rs 10,202 crore investment by Silver Lake in this entity.

In August, Reliance said it would acquire the retail and logistics businesses of India’s Future Group in a deal valued at Rs 24,713 crore. As part of the Rs 24,713 crore deal, RIL through its wholly-owned subsidiary Reliance Retail Ventures Ltd (RRVL) will acquire the grocery, apparel and supply chain businesses of the Future Group.

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