The subsidiary of RRVL, Reliance Retail is India’s one of the largest retailers. Across its over 12,000 stores in the country, it serves close to 640 million footfalls.
On Wednesday, Reliance Industries Limited (RIL) and Reliance Retail Ventures Limited (RRVL) announced that Silver Lake will invest Rs 7,500 crore into RRVL. RRVL is pegged at pre-money equity value of Rs 4.21 lakh crore with this investment. 1.75% equity stake in RRVL on a fully diluted basis will also be acquired by Silver Lake.
The subsidiary of RRVL, Reliance Retail is India’s one of the largest retailers. Across its over 12,000 stores in the country, it serves close to 640 million footfalls.
While Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels, Latham & Watkins and Shardul Amarchand Mangaldas & Co acted as legal counsels for Silver Lake.
“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. We believe technology will be key to bringing the much-needed transformation in this sector so that various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner in implementing our vision for Indian Retail,” Chairman and Managing Director Mukesh Ambani said.
“We are pleased to deepen our relationship with Reliance with this investment. Mukesh Ambani and his team at Reliance have created an outstanding world leader in retail and technology through their courageous vision, commitment to societal benefits, innovation excellence and relentless execution. 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. Reliance’s New Commerce strategy could become the disruptor of this decade. We are thrilled to have been invited to partner with Reliance in their mission for Indian Retail,” Co-CEO and Managing Partner of Silver Lake, Egon Durban said.
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