Reliance Industries’ retail arm said it has raised 472.6 billion Indian rupees ($6.2bn) for a 10.09 per cent stake in the company from a group of investors in the past two months.
Saudi Arabia's Public Investment Fund, Abu Dhabi Investment Authority, Singapore's sovereign wealth fund GIC, global private equity firm TPG Capital, Abu Dhabi's strategic investment arm Mubadala Investment Company and General Atlantic are among investors who have bought stakes in Reliance Retail Ventures.
All investments are “completed, with receipt of funds and issue of shares”, the company said. It allotted more than 692.7 million equity shares to its partners.
“We are proud to have such strong and reputed partners … we feel honoured by the phenomenal interest shown by investors in our business and look forward to working with our partners to benefit from their experience and global connectivity,” Isha Mukesh Ambani, director of Reliance Retail Ventures, said.
“With our focus on new commerce, we are committed to playing a transformational role in the Indian retail sector by empowering millions of merchants and micro, small and medium enterprises,” she added.
New York-based financial services company Morgan Stanley acted as financial advisor to Reliance Retail Ventures and Cyril Amarchand Mangaldas and Davis Polk and Wardwell acted as legal counsels.
Reliance Retail Ventures runs India’s largest consumer electronics chain, supermarkets, a cash and carry wholesaler, fast fashion outlets and JioMart, an online grocery store.
The company operates almost 12,000 stores in nearly 7,000 towns and reported consolidated revenue of $21.7bn and net profit of $726.4 million in its reporting period ending in March 2020.
India's retail sector is forecast to grow in size to $1.7 trillion by 2026 from $950bn in 2018, according to Statista.
Reliance is looking to grow its market share by consolidating the country's fragmented retail sector, offering to digitise operations of small and unorganised merchants and to partner with global and domestic chains.
The company recently bought the retail and wholesale businesses of competitor Future Group that also included its logistics and warehousing units.
Future Group owns about 2,000 retail stores across 400 cities and towns in India.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
