Silver Lake, the world’s largest technology company, has also invested in Jio Platforms Ltd, a digital unit of billionaire businessman Mukesh Ambani’s company Reliance Industries Ltd.
Us private equity firm Silver Lake Partners has bought a 1.75 percent stake in Reliance Retail, a company in Reliance Group. The deal has been made for Rs 7,500 crore. Reliance said this in a statement issued on Wednesday. The investment comes at Reliance Retail’s valuation of Rs 4.21 lakh crore. Silver Lake, the world’s largest technology company, has also invested in Jio Platforms Ltd, a digital unit of billionaire businessman Mukesh Ambani’s company Reliance Industries Ltd.
It was reported last week that Mukesh Ambani, the richest man in the country, is looking for investors for his retail business after selling some stake of his Jio platforms. Earlier, Reliance had acquired the retail and logistics business of Futures Group for Rs 24,713 crore. Reliance, a major crude oil, refinery and telecom sector, had announced the acquisition of future group retail, wholesale, warehouse and logistics businesses. The deal is scheduled to be acquired by five listed companies of Future Group in Future Enterprises Limited (FEL).
Reliance has also proposed to buy preferential shares worth Rs 1,200 crore to buy a 6.09 per cent stake in THE FEL (the new company to be formed after the merger). It also has the option to purchase preferential warrants (7.05 per cent and stake) worth Rs 1,600 crore. Experts say the deal will boost reliance retail limited’s market reach, a unit of Reliance Industries. The company’s stores now have an area of 2.87 crore sq ft across the country, which will go up to 5.25 crore sqft after the acquisition.