GIC, Singapore’s sovereign wealth fund, will invest $752 million in Mukesh Ambani’s Reliance Retail, and TPG will invest $250 million in the Indian firm, they all said Saturday midnight (local time).
The Government of Singapore Investment Corp and TPG are the latest high-profile investors to back Reliance Retail, India’s largest retail chain, in the past four weeks. Reliance Retail — like its sister sibling Jio Platforms — is a subsidiary of Reliance Industries, India’s most valuable firm.
GIC’s andd TPG’s investments give Reliance Retail a pre-money valuation of $58.5 billion, the Indian firm said. GIC, which has backed firms in over 40 nations, will get a 1.22% equity stake in the retail giant, while TPG will secure 0.41% stake, they said.
The announcement today caps a busy week for Reliance Retail, which in the past three days has revealed that Mubadala ($855 million for a 1.4% stake), Silver Lake ($254