Mumbai: Reliance Industries are now focusing on expanding its retail business. The company intends to sell 15 per cent stake in Reliance Retail Ventures, the holding company of its retail business, to private equity investors and sovereign wealth funds. According to media reports, the company's target is to raise from Rs 60,000 to 63,000 crore through it.
A source related to the case said that fresh shares will be issued to investors and the fundraising process is likely to be completed by October. He told that the company also wants to bring a strategic investor, but there is no active negotiation on this front right now. There is a discussion on the name of Amazon and Walmart, but nothing has happened to them so far.
Reliance Retail gets its first investor in the form of private equity fund Silver Lake. Silver Lake has announced an investment of Rs 7,500 crore for 1.75 per cent stake in Reliance Retail. Silver Lake also invested in Reliance's tech company Jio Platforms. Reliance acquired the retail business of Future Group last month by Reliance, a company of Asia's richest man Mukesh Ambani. This has made Reliance Retail revenue 7 times more than its nearest rival.
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