New Delhi: Reliance Industries has raised Rs 47,265 crore by selling 10.09 per cent stake in its retail unit to some foreign investors. The company sold its 10.09 per cent stake in Reliance Retail Ventures Ltd (RRVL) to private equity companies Silver Lake Partner, KKR, GIC, TPG and General Atlantic as well as government property funds Mubadla, ADIA and PIF from 25 September.

In this context, Reliance Industries has said in a statement that, 'RRVL has received Rs 47,265 crore from its economic partners through stake sale. In return, he was allotted 69.27 crore equity shares. Reliance Retail Ltd, a subsidiary of RRVL, operates the country's largest, fastest growing retail business. It has 12,000 shops across the country.

Reliance's business includes supermarkets, consumer electronics shops, wholesale businesses, fashion shops, online grocery stores Jio Mart. The amount raised by selling stake will enable Reliance Retail to compete strongly in both online and offline markets. Earlier, Reliance Industries had raised Rs 1.52 lakh crore from investors like Facebook, Google for the group's digital services company Jio Platforms.

Also Read:

Vodafone Idea share rise after Receiving Proceeds From Indus Towers Stake Sale

Petrol price rises today after 48 days, Know here about diesel rates

Fitch Ratings: Centre’s Reforms Can Raise Medium-term Growth Rate