Singapore based global investment firm, GIC and private equity firm TPG will invest Rs 5,512.5 crore and Rs 1,837.5 crore in Reliance Retail Ventures Ltd., a subsidiary of billionaire Mukesh Ambani-controlled Reliance Industries Ltd., as the retailer continues to raise funds to increase its dominance in India.
The investment arm of Government of Singapore will get 1.22% equity stake for its investment and TPG will get 0.4 percent in the retail arm. The announcement comes a day after Abu Dhabi based sovereign fund Mubadala said it will invest Rs 6,247.5 crore in India’s largest retailer.
GIC and TPG make for sixth and seventh investment in the retail arm. In all, Reliance Retail has so far raised Rs 32,197.5 crore by selling 7.1% stake to private equity and sovereign funds. That includes Silver Lake, which invested Rs 9,375 crore for 2.13%, General Atlantic, which will pick up 0.84%…