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Business deals

Ambani's Reliance retail arm to raise $1bn from Silver Lake

Indian conglomerate fills war chest after $20bn Jio fundraising

Reliance Industries, India's most valuable conglomerate, is focused on expanding its consumer business, such as telecom and retail, as drivers of growth.   © Reuters

MUMBAI -- India's biggest conglomerate, Reliance Industries, on Wednesday announced that its retail arm, Reliance Retail Ventures, will receive a 75 billion rupee ($1 billion) investment from U.S. tech fund Silver Lake.

The investment, which values Reliance Retail at 4.21 trillion rupees, will give Silver Lake a 1.75% stake in the company. It is the second investment by Silver Lake in a Reliance unit. The private equity fund earlier this year invested $1.35 billion in Jio Platforms, the group's telecom and digital services company.

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