Ambani, 63, started selling stakes in his retail business last month, soon after raising more than US$20 billion in exchange for 33% of his technology venture Jio Platforms Ltd., which lured partners including Facebook Inc. and Google. KKR & Co. and General Atlantic are among other investors in Reliance Retail, and the same private-equity funds had also picked up stakes earlier in Jio.
Singapore’s GIC Pte. and private-equity firm TPG will invest a combined US$1 billion ($1.36 billion) in Indian billionaire Mukesh Ambani’s retail unit, taking total inflows into the business to about US$4.4 billion.
GIC will spend 55.1 billion rupees ($1.02 billion) for a 1.22% stake in Reliance Retail Ventures Ltd., while US-based TPG will take 0.41% for 18.4 billion rupees, the Indian company said. The investments will value the business at 4.29 trillion rupees.
