Silver Lake may invest $1 bn in Reliance Retail

New Delhi: US private equity firm Silver Lake Partners is said to be in talks to invest $1 billion in the retail arm of Reliance Industries at a valuation of roughly $57 billion.

Financial Times reported that the company is looking to sell about 10 per cent of Reliance Retail. "Silver Lake is in talks to invest about $1 billion in Mukesh Ambani's Reliance Retail," it said, citing sources.

Reliance and Silver Lake did not immediately respond to e-mails sent for comments. After monetising Jio Platforms - which houses the firm's telecom arm and digital ventures, richest Indian Mukesh Ambani is looking to rope in investors in the retail business.

Last week, Reliance acquired the retail and logistics businesses of Future Group for Rs 24,713 crore to boost its retail vertical. Silver Lake was the first US private equity firm to invest in Jio after tech giant Facebook took a 9.99 per cent stake in the company for Rs 43,573.62 crore. Silver Lake bought 2.08 per cent in Jio in two tranches for a total of Rs 10,202.55 crore.