30 C
Panjim
Tuesday, April 13, 2021

GIC to invest ₹ 5,512.5 crore in Reliance retail ventures





Must read

Government has a moral responsibility to repair roads before implementing changes in Motor Vehicles act 

  Panaji : Indian Youth Congress (IYC) Goa Unit has written to the Director of Transport opposing the new changes made in the Motor Vehicles...

BJP is steadfast in following Manohar Parrikar’s legacy : CM Pramod Sawant

  Panaji : Chief Minister Dr Pramod Sawant has slammed Manish Sisodia the deputy Chief Minister of Delhi who recently said that BJP is drifting...

Act quickly, decisively on Taxi issue: Rohan Khaunte

Porvorim: Independent MLA Rohan Khaunte on Monday demanded that Goa government should act quickly and decisively on taxi-Goa Miles issue. Khaunte tweeted “Patience is a...

Govt approves Rs 129 cr worth highway projects in Goa

The government on Monday said it has approved Rs 128.66 crore worth highway projects in Goa. The eight projects are for building 39.7 km of...
- Advertisement -
Mumbai, October 3, 2020: Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”) announced today that GIC will invest ₹ 5,512.5 crore into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of ₹ 4.285 lakh crore. GIC’s investment will translate into a 1.22% equity stake in RRVL on a fully diluted basis.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s fastest growing and most profitable retail business serving close to 640 million footfalls across its ~12,000 stores nationwide. Reliance Retail’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers by empowering millions of farmers and micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies as a preferred partner, to deliver immense benefits to Indian society, while protecting and generating employment for millions of Indians. Reliance Retail, through its New Commerce strategy, has started a transformational digitalization of small and unorganised merchants and is committed to expanding the network to over 20 million of these merchants. This will enable the merchants to use technology tools and an efficient supply chain infrastructure to deliver a superior value proposition to their own customers.

Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “It gives me great pleasure to welcome GIC to the Reliance Retail family. I am delighted that GIC, with its track record of close to four decades of successful long-term value investing across the world, is partnering with Reliance Retail in its mission to transform the Indian retail landscape. GIC’s global network and track record of long-term partnerships will be invaluable to the transformation story of Indian Retail. This investment is a strong endorsement of our strategy and India’s potential.”

 

Mr. Lim Chow Kiat, Chief Executive Officer, GIC, said: “GIC is pleased to partner with Reliance through this new investment, which will enable the company to position Reliance Retail for the strong secular growth in India’s retail market. We believe Reliance Retail will continue to use its extensive supply chain and store networks, as well as strong logistics and data infrastructure, to add value to its customers and shareholders.”

The transaction is subject to regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Government has a moral responsibility to repair roads before implementing changes in Motor Vehicles act 

  Panaji : Indian Youth Congress (IYC) Goa Unit has written to the Director of Transport opposing the new changes made in the Motor Vehicles...

BJP is steadfast in following Manohar Parrikar’s legacy : CM Pramod Sawant

  Panaji : Chief Minister Dr Pramod Sawant has slammed Manish Sisodia the deputy Chief Minister of Delhi who recently said that BJP is drifting...

Act quickly, decisively on Taxi issue: Rohan Khaunte

Porvorim: Independent MLA Rohan Khaunte on Monday demanded that Goa government should act quickly and decisively on taxi-Goa Miles issue. Khaunte tweeted “Patience is a...

Govt approves Rs 129 cr worth highway projects in Goa

The government on Monday said it has approved Rs 128.66 crore worth highway projects in Goa. The eight projects are for building 39.7 km of...

आता आंब्याची प्रदेश व नावा नुसारच होणार विक्री आमदार वैभव नाईक यांच्या मागणीला यश

  सिंधुदुर्ग - मुंबई कृषी उत्पन्न बाजार समितीमध्ये येणारा कोणत्याही प्रकारचा आंबा हा कोकण हापूस या नावाने विक्री केला जातो. त्यामुळे सिंधुदुर्ग मधून येणाऱ्या आंब्याच्या...