Oct 09, 2020, 08:34 EST
Bronx, United States, Oct 09, 2020, 08:34 /Comserve / -- According to an announcement made by Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”)
Mumbai, Oct. 8, 2020 - According to an announcement made by Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”), Abu Dhabi Investment Authority’s (“ADIA”) wholly-owned subsidiary is planning to invest INR 5,512.50 crore into RRVL. RRVL, a subsidiary of Reliance Industries is valued at a pre-money equity value of INR 4.285 lakh crore by the investment. On a fully diluted basis, ADIA’s investment translates into a 1.20% equity stake in RRVL. In less than four weeks, RRVL has managed to raise INR 37,710 crore with the help of leading investors which include Silver Lake, Mubadala, ADIA, KKR, General Atlantic, GIC, and TPG.
RRVL’s subsidiary, Reliance Retail Limited is responsible for operating India’s largest and fastest-growing retail business. This is also the most profitable business which has around 640 million footfalls across around 12,000 stores all over the country. With an aim to strengthen the retail sector of India by serving millions of customers, Reliance Retail works to empower millions of farmers and micro, small and medium enterprises (MSMEs). It does this by working with global and domestic companies as partners to protect and generate employment for millions of Indians. To start the transformational digitalization of small and unorganized merchants, Reliance Retail plans to expand to a network of 20 million of these merchants. This provides these merchants an opportunity to use technology tools along with an efficient supply chain infrastructure in order to serve a valued proposition to their own customers.
India’s largest private sector company, Reliance Industries Limited recorded a consolidated turnover of INR 659,205 crore (USD 87.1 billion), net profit of INR 39,880 crore (USD 5.3 billion) and a cash profit of INR 71,446 crore (USD 9.4 billion) for the year ended March 31, 2020.
The Reliance Foundation took the lead in the mission against the Covid-19 pandemic with the launch of Mission Anna Seva. This is the world’s largest feeding program that has been undertaken by a corporate foundation. Under this program, one lakh PPEs and masks were produced daily. India’s first dedicated Covid-19 hospital was set up in Mumbai along with BMC along with a donation of INR 556 crore to various relief funds.
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