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Business deals

Reliance's retail arm raises $3.4bn in single week

Indian conglomerate sets aim at Amazon and Flipkart for market dominance

Reliance Retail's latest investments equip it with funds to compete in the Indian market against rivals such as Amazon and Flipkart, which is owned by Walmart.   © Reuters

MUMBAI -- Reliance Retail Ventures, run by India's richest man, Reliance Industries' Mukesh Ambani, has raised roughly 248.9 billion rupees ($3.39 billion) in just one week from prominent global investors, which will allow the company to launch an assault on rivals such as Walmart-owned e-commerce company Flipkart of India and Amazon.

The investments from GIC, TPG, Silver Lake, KKR and others equip Reliance Retail with funds to compete in the Indian market, in both offline and online formats. Reliance Industries has shed a 7.28% stake in its retail arm for 321.97 billion rupees since Sept. 9, and comes as the country's retail sector prepares for the upcoming festival season.

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