Reliance Retail gets Rs 5,512.5 Cr from GIC and Rs 1,837.5 Cr from TPG
The latest to fund Reliance's Rs 4.29 lakh crore retail juggernaut are Singapore-based global investment firm GIC and US-based private equity investor TPG. The former is picking up a 1.22% stake for Rs 5,512.5 Cr, while the latter is putting in 0.41% for Rs 1,837.5 Cr.
RIL Chairman Mukesh Ambani said, "GIC’s global network and track record of long-term partnerships will be invaluable to the transformation story of Indian retail. This investment is a strong endorsement of our strategy and India’s potential... TPG has a proven track record of being a valuable partner to global technology businesses and industry leaders, and we look forward to their guidance and support in our journey.”
The GIC and TPG investments are Reliance Retail's sixth and seventh foreign deals in just three weeks.