Singapore’s GIC Pte. and private-equity firm TPG will invest a combined US$1 billion ($1.36 billion) in Indian billionaire Mukesh Ambani’s retail unit, taking total inflows into the business to about US$4.4 billion.

GIC will spend 55.1 billion rupees ($1.02 billion) for a 1.22% stake in Reliance Retail Ventures Ltd., while US-based TPG will take 0.41% for 18.4 billion rupees, the Indian company said. The investments will value the business at 4.29 trillion rupees.

Ambani, 63, started selling stakes in his retail business last month, soon after raising more than US$20 billion in exchange for 33% of his technology venture Jio Platforms Ltd., which lured partners including Facebook Inc. and Google. KKR & Co. and General Atlantic are among other investors in Reliance Retail, and the same private-equity funds had also picked up stakes earlier in Jio.

https://s3.ap-southeast-1.amazonaws.com/www.theedgesingapore.com/public/usr/283d5t/76579d-rupees.JPG

Reliance Retail, a unit of Mumbai-based Reliance Industries Ltd., runs supermarkets, India’s largest consumer electronics chain store, a cash and carry wholesaler, fast-fashion outlets and an online grocery store called JioMart. It reported 1.63 trillion rupees in revenue in the year through March 2020. The unit operates almost 12,000 stores in nearly 7,000 towns.

GIC, TPG to invest US$1 bil in Mukesh Ambani's retail unit

US stock faithful ride US$7 trillion rally as market timing backfires

Qarbotech named winner of inaugural EQT Impact Challenge

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

Straits Times Index likely to move progressively higher 

XMH Holdings posts six-fold earnings increase to $6.5 mil for 1HFY2024

Tech news in less than 5 minutes – December 2023

Why the return-to-office wave is a wake-up call for businesses  

Developing robust AI strategies

Hong Kong's stock slump triggers wave of brokerage closures

Sabana Trustee disagrees with suggestion of wrongdoing or delay on its part

Sembcorp's GoNetZero launches 'conversational AI' to simplify energy insights

Weekout (Dec 11): Janice Wong, Butcher’s Block, Cat Bite Club, 39+ Art Space

Musée Atelier Audemars Piguet takes visitors on a journey through the cultural legacy of the Swiss manufacturer 

Parmigiani Fleurier CEO Guido Terreni shares insights into the brand’s philosophy

A victory lap for the transitory inflation team

Shopping in the Garden City this Christmas

Singapore in 2024: Stepping into uncharted waters

Seatrium secures FPSO topside modules fabrication contract from MODEC

Is it time to add into S-REITs despite the sector's 7% gain in November?

Seatrium appoints Adrian Teng as new CFO

ComfortDelGro raising taxi fare structure with effect from Dec 13

OCBC's Wong reaffirms One Bank vision with eyes firmly on shareholders’ returns 

GIC, TPG to invest US$1 bil in Mukesh Ambani's retail unit

Related News

Highlights

US stock faithful ride US$7 trillion rally as market timing backfires

Related News

Consolidation may inspire StarHub to move on Simba: DBS

TPG-Backed TE Asia Healthcare Partners considers sale of Hong Kong oncology centres

Telstra, TPG will not appeal court’s decision to block off proposed arrangements