Reliance Industries Limited & Reliance Retail Ventures Limited announced on Wednesday that General Atlantic would invest Rs 3,675 crore into RRVL, a subsidiary of Reliance Industries.
This investment preferences Reliance Retail at a pre-money equity value of 4.285 lakh crore, stated the company. General Atlantic had earlier invested Rs 6,598.38 crore Reliance Jio.
“I am happy to extend our relationship with General Atlantic as we serve towards empowering both merchants and consumers alike and eventually transforming Indian Retail. Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, increase, and inclusion across India and the world,” stated Mukesh Ambani, chairman and managing director of Reliance Industries.
“General Atlantic is excited to be financing Mukesh’s New Commerce mission to make a substantial positive transformation in the country’s retail sector, which goes hand-in-hand with his vision to allow a Digital India through the work of Jio Platforms,” stated Bill Ford, CEO of General Atlantic.
“General Atlantic gives Reliance Industries’ foundational faith in the power of technology to foster transformative growth, and we are delighted by the enormous potential of the full Reliance ecosystem. We are honoured to over be partnering with the Reliance team to stimulate India’s position in the global digital economy meaningfully,” he added.
The transaction is subject to supervisory and other standard support.