Billionaire Mukesh Ambani-led Reliance Industries said on Wednesday that US-based General Atlantic will invest Rs 3,675 crore for a 0.84 per cent stake in its retail arm, Reliance Retail Ventures. The deal gives Reliance Retail a pre-money valuation of Rs 4.29 lakh crore, Reliance Industries said. The General Atlantic deal marks the latest in a series of investments in Reliance Industries group companies.
“I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail. Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world," said Mukesh Ambani, chairman and managing director, Reliance Industries.
The transaction is subject to regulatory and other customary approvals, RIL said.
General Atlantic had earlier invested Rs 6,598.38 crore in Reliance Industries' digital services unit, Jio Platforms.
Reliance Retail Ventures is a subsidiary of Reliance Industries, and the holding company of all the retail companies under the conglomerate.