The Government of Singapore Investment Corp (GIC) and TPG have become the latest big investors in India’s Reliance Retail. The investments from the GIC and TPG will give Reliance Retail a pre-money valuation of $58.5 billion.
The GIC has been a strong investor and has backed companies in over 40 countries all over the globe. Through its investment the company will be acquiring 1.22% equity stake in the Indian firm led by Indian business tycoon Mukesh Ambani. In the meanwhile, TPG will secure a 0.41% stake in Reliance Retail. Together, they are investing over $1 billion in the Indian retail giant.
Reliance Retail has electronics chain, fashion outlets, supermarkets, and is a cash-and-carry wholesaler in India. After acquiring major operations of the Future Group, Reliance Retail has become the biggest name in India retail scene. “We believe Reliance Retail will continue to use its extensive supply chain and store networks, as well as strong logistics and data infrastructure, to add value to its customers and shareholders,” said Lim Chow Kiat, CEO of GIC, in a statement.
Reliance Retail has had a great week as other investors Mubadala, Silver Lake and General Atlantic also announced their plans of their investment in the firm.
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