Silver Lake Partners will invest Rs 7,500 cr in Reliance Retail for a 1.75% stake. Earlier this year, Silver Lake had invested $1.35 bn in Reliance Jio. The PE giant's retail buy comes weeks after Reliance bought a stake in Future Group, led by Kishore Biyani, via its retail unit.
Egon Durban, CEO and Managing Partner of Silver Lake, said in a statement: "We are pleased to deepen our relationship with Reliance. The success of JioMart in such a short time span, especially while India, along with the rest of the world, battles the COVID-19 pandemic, is truly unprecedented, and the most exciting growth phase has just begun."
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: “I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector."