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

Bloomberg
Bloomberg10/5/2020 10:20 AM GMT+08  • 1 min read
GIC, TPG to invest US$1 bil in Mukesh Ambani's retail unit
GIC will spend 55.1 billion rupees ($1.02 billion) for a 1.22% stake in Reliance Retail Ventures Ltd.
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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.

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