Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) announced today that global investment firm TPG will invest Rs. 1,837.5 crore into RRVL, a subsidiary of Reliance Industries. 

 

This investment values Reliance Retail at a pre-money equity value of Rs. 4.285 lakh crore. TPG’s investment will translate into a 0.41% equity stake in RRVL on a fully diluted basis.

 

This marks the second investment by TPG in a subsidiary of Reliance Industries, following a Rs. 4,546.8 crore investment in Jio Platforms announced earlier this year.

 

Reliance Retail Limited, a subsidiary of RRVL, operates India's largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its around 12,000 stores nationwide. Reliance Retail’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers by empowering millions of farmers and micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies as a preferred partner, to deliver immense benefits to Indian society, while protecting and generating employment for millions of Indians. 

 

TPG is a leading global alternative asset firm founded in 1992 with more than $83 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate and public equity. Over TPG’s nearly 30-year history, the firm has built an ecosystem made up of hundreds of portfolio companies and a value-added network of professionals, executives, and advisors around the world. 

 

Mukesh Ambani, Chairman and Managing Director of Reliance Industries said, “TPG has a proven track record of being a valuable partner to global technology businesses and industry leaders and we look forward to their guidance and support in our journey.”

 

Jim Coulter, Co-CEO, TPG said “We are excited to join with them as they seek to create a more inclusive retail industry that allows Kiranas and Indian consumers to benefit from the connectivity, efficiency, and accessibility of the Reliance Retail omnichannel platform.”

 

Isha Ambani, Director of Reliance Retail said, “We are delighted to welcome TPG to the Reliance Retail family in our journey of revolutionizing the Indian Retail landscape and improving the economic prospects of millions of merchants and enhancing consumer experience. TPG’s rich experience will be invaluable to the Reliance Retail mission.”

 

Puneet Bhatia, Co-Managing Partner and Country Head, India of TPG Capital Asia said, “Through their New Commerce initiative, Reliance Retail continues to lead the industry by creating a retail platform that meets the demands of a new generation of Indian consumers. We are excited to work with Reliance Industries as they reimagine the retail experience across the value chain.”

 

TPG is making the investment from its TPG Capital Asia fund. The transaction is subject to regulatory and other customary approvals.