Silver Lake co-investors to invest additional Rs 1,875 crore In Reliance Retail Ventures

Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) on Wednesday announced that co-investors of Silver Lake will invest an additional Rs 1,875 crore into RRVL, a subsidiary of Reliance Industries.

This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13 per cent equity stake in RRVL on a fully diluted basis. This latest investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.

Commenting on the aggregate investment brought by Silver Lake, Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "Silver Lake and its co-investors are valued partners on our journey to transform Indian Retail for the benefit of all Indians. We are pleased to have their confidence and support, as well as the benefit of their leadership in global technology investing and their valued network of relationships for the Retail Revolution in India. Silver Lake's additional investment is a strong endorsement of the tremendous potential of Indian Retail and the capabilities of Reliance Retail."

Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. Latham & Watkins and Shardul Amarchand Mangaldas & Co acted as legal counsels for Silver Lake.

Commenting on the investment, Mr. Egon Durban, Co-CEO and Managing Partner of Silver Lake, said, "We are delighted to increase our exposure and bring more of our co-investors into this unmatched opportunity. The continued investment momentum over the last few weeks is proof of the compelling vision and business model of Reliance Retail – and underscores the tremendous potential of the transformative New Commerce initiative."

The transaction is subject to regulatory and other customary approvals.

Reliance Retail Limited, a subsidiary of RRVL, operates India's largest, fastest-growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.