Reliance Industries Ltd (RIL) on Saturday said it has received Rs 7,500 crore from Silver Lake Partners, which had recently picked up 1.75 per cent stake in its retail arm. On September 9, Mukesh Ambani-led RIL had said that the US private equity firm would invest into Reliance Retail Ventures Ltd (RRVL).
"The subscription amount of Rs 7,500 crore from SLP Rainbow Holdings Pte Ltd (Silver Lake)", RIL said in an exchange filing on Saturday. Following the allotment of equity stake, "SLP Rainbow Holdings holds 1.75 per cent of the fully diluted equity share capital" of RRVL, it said. This investment had valued RRVL at a pre-money equity value of Rs 4.21 lakh crore. It's the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year.
The other investments of Silver Lake include Airbnb, Alibaba, Alphabet's Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders. In August, 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. KKR, Vista and General Atlantic followed Silver Lake to take stakes in Jio.
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