Silver Lake In Talks To Buy $1 Billion Stake In Reliance Retail
Category: Andhrapradesh
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Silver Lake Partners, a private equity group, is in talks to invest $1 billion in India's Reliance Industries Ltd’s retail arm (RELI.NS), on Thursday, citing people with direct knowledge of the matter. The investment, which would amount to about $57 billion in Reliance Retail, comes as the company plans to sell about 10 percent of new shares, the study added. Silver Lake declined to comment on the report, while Reliance could not be reached immediately outside regular business hours.

Reliance, an oil-to-telecommunications conglomerate owned by India's richest man, Mukesh Ambani, is pitching its retail business as a formidable force in the world's second-most populated region, rapidly expanding to woo potential investors. The company has raised more than $20 billion from global investors including Facebook Inc (FB.O) through the sale of stakes in its digital Jio Platforms venture, and has said it intends to draw investors to Reliance Retail over the next few quarters.

Reliance said it will buy India's Future Group's retail and logistics businesses at a deal estimated at $3.38 billion, including debt, late August.

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