Shares of Reliance Industries today hit a new high when they rose as much as 2.5% to ₹2,215.Sentiments were lifted after Reliance Retail Venture on Wednesday announced $1 billion investment from Silver Lake Partners. Mint reported that Reliance Retail Ventures is set to draw additional investments worth $5 billion from KKR and Co., Mubadala Investment Co. and Abu Dhabi Investment Authority (ADIA), citing two people directly aware of the negotiations said.
California-based private equity fund Silver Lake, an investor in Reliance Industries Ltd’s Jio Platforms unit, has picked up a 1.75% stake in Reliance Retail Ventures for ₹7,500 crore, valuing the company at ₹4.21 trillion, or $57 billion.
In May, Reliance launched online grocery service JioMart. It has been aggressively building its retail presence through acquisitions, moving beyond its mainstay oil and gas business.
Powered by Reliance’s Jio Tech Platforms , the unit owns retail businesses as varied as grocery stores and fashion chains, and operates close to 12,000 stores.
Shares of Reliance Industries, which has a market cap of over ₹14 lakh crore, have more than doubled from its March lows of ₹867.
