Zoom News : Oct 02, 2020, 09:21 AM
Mumbai: Reliance Retail gets ₹6,247.5 crore from Mubadala. This is the fifth investment for Reliance Retail Ventures Limited, after having raised investments from Silver Lake, KKR, General Atlantic so far.Reliance Retail continues to be valued at ₹4.285 lakh crore and has raised a total of ₹24,847.5 crore already."We value the partnership with a knowledge-rich organization like Mubadala and acknowledge their confidence in our mission to strengthen the core of India’s retail sector – the millions of small retailers, merchants and shopkeepers – through the power of technology. Mubadala’s investment and guidance will be an invaluable support in this journey," said Mukesh Ambani in a statement.At his speech during Reliance’s Annual General Meet, Ambani had mentioned that talks are on with potential investors for investments in retail. According to Business Insider’s sources, Reliance Retail is set to raise $5.7 billion with only existing Jio investors getting on board as investors to “further deepen the relationship”.For Mubadala, this is the second investment after it cut out a $1.2 billion cheque for Jio Platforms. "We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures. Their vision is the inclusive transformation of India’s consumer economy through the power of digitization, creating opportunities and market access for millions of small businesses across the country, and we are committed to supporting the company’s continuing development," said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, in a statement.