The Public Investment Fund (“PIF”) will invest ₹ 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04% into RRVL, a subsidiary of Reliance Industries.
"We delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment and sustained growth in the Digital Services business," said Mukesh D. Ambani, Chairman and Managing Director, RIL.
In his virtual address, Reliance Industries chairman Mukesh Ambani spoke about the journey of Reliance Jio and vision for country’s digital future.
Silver Lake’s additional investment is a strong endorsement of the tremendous potential of Indian Retail and the capabilities of Reliance Retai.
Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) on Wednesday announced that global investment firm KKR will invest Rs 5,550 crore into RRVL, a subsidiary of Reliance Industries.
Reliance Industries had crossed $ 150 billion market capitalisation on June 19, 2020. In less than 60 days, it has added around $ 60 billion in investor value.
Reliance Retail is all set to acquire retail & wholesale business and logistics & warehousing business of Future Group for a lumpsum aggregate consideration of Rs 24,713 crore.
Its subsidiary also runs an online pharmacy platform - Netmeds - to connect customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products.
According to a report, Reliance and ByteDance, parent company of TikTok, have held discussions over it but nothing final or official has yet come out.
The consolidated RIL revenue for the quarter was Rs 100,929 crore. Jio reported a 183 per cent rise in year-on-year net profit to Rs 2,520 crore for the quarter ending June.