US private equity firm Silver Lake may buy a stake in Reliance Retail, a retail subsidiary of Reliance Industries Limited. According to a report in the Financial Times, Reliance is in talks with Silver Lake Reliance Industries for an investment of 1 1 billion (approximately Rs 7,300 crore) in retail.
Reliance plans to sell 10% stake in retail
According to the report, Silver Lake’s investment is based on Reliance Retail’s 57 billion valuations. Reliance Industries, led by Mukesh Ambani, is planning to sell a 10% stake in its retail subsidiary Reliance Retail.
The stake will be sold as new shares. However, Silver Lake and Reliance Industries have not commented on the sale.
Mukesh Ambani will dominate the retail sector
Mukesh Ambani, chairman of Reliance Group, which trades in the telecom business from oil, is now gearing up to venture into the retail business in India.
Mukesh Ambani is looking for potential investors for this expansion. A recent media report claims that US Walmart Inc. is also in talks to buy a stake in Reliance Retail. Walmart Inc. also bought India’s leading e-commerce company Flipkart in 2018.
Silver Lake bought a 2.08% stake in Geo Platforms
American equity firm Silver Lake raised Rs. Geo has bought a 2.08% stake in Platforms with an investment of Rs 10,203 crore.
The stake has purchased in two phases. For the first time, Silver Lake has raised Rs 1.15% for its Geo Platforms. 5,566 crore and then on June 5, it raised Rs. 4,547 crore.