Tuesday, October 27, 2020
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Abu Dhabi's Mubadala to invest over Rs 6,247 cr in Reliance Retail

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Mumbai | Friday, 2020 1:45:06 AM IST
Reliance Industries on Thursday said that Abu Dhabi-based sovereign investor Mubadala Investment Company will invest Rs 6,247.5 crore into Reliance Retail Ventures.

Mubadala's investment will translate into a 1.40 per cent equity stake in RRVL on a fully diluted basis.

This is the second significant investment by Mubadala in a Reliance Industries subsidiary after the $1.2 billion investment in Jio Platforms announced earlier this year.

The investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.

"We value the partnership with a knowledge-rich organization like Mubadala and acknowledge their confidence in our mission to strengthen the core of India's retail sector - the millions of small retailers, merchants and shopkeepers - through the power of technology," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

"Mubadala's investment and guidance will be an invaluable support in this journey."

Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said: "We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures."

"Their vision is the inclusive transformation of India's consumer economy through the power of digitization, creating opportunities and market access for millions of small businesses across the country, and we are committed to supporting the company's continuing development."

Reliance Retail operates India's fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.

--IANS rv-rrb/vd

( 246 Words)

2020-10-01-19:34:36 (IANS)

 
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