Silver Lake Co-Investors to Invest Additional ₹ 1,875 Crore in Reliance Retail Venture


Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”) announced today that co-investors of Silver Lake will invest an additional ₹ 1,875 crore into RRVL, a subsidiary of Reliance Industries. This brings the aggregate investment by Silver Lake and its co-investors in RRVL to ₹ 9,375 crore, which will translate into a 2.13% equity stake in RRVL on a fully diluted basis. This latest investment values Reliance Retail at a pre-money equity value of ₹ 4.285 lakh crore.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most
profitable retail business serving close to 640 million footfalls across its ~12,000 stores
nationwide. Reliance Retail’s vision is to galvanize the Indian retail sector through an inclusive
strategy serving millions of customers by empowering millions of farmers and micro, small and
medium enterprises (MSMEs) and working closely with global and domestic companies as a
preferred partner, to deliver immense benefits to Indian society, while protecting and generating
employment for millions of Indians. Reliance Retail, through its New Commerce strategy, has
started a transformational digitalization of small and unorganised merchants and is committed to
expanding the network to over 20 million of these merchants. This will enable the merchants to
use technology tools and an efficient supply chain infrastructure to deliver a superior value
proposition to their own customers.

With more than $60 billion in combined assets under management and committed capital and a
focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global leader
in large-scale technology investing. Its mission is to build and grow great companies by partnering
with world-class management teams. Its other investments have included Airbnb, Alibaba,
Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global
technology leaders.
Commenting on the aggregate investment brought by Silver Lake, Mr. Mukesh Ambani,

Chairman and Managing Director of Reliance Industries, said, “Silver Lake and its co-
investors are valued partners on our journey to transform Indian Retail for the benefit of all

Indians. We are pleased to have their confidence and support, as well as the benefit of their
leadership in global technology investing and their valued network of relationships for the Retail
revolution in India. Silver Lake’s additional investment is a strong endorsement of the tremendous
potential of Indian Retail and the capabilities of Reliance Retail.”

Commenting on the investment, Mr. Egon Durban, Co-CEO and Managing Partner of Silver
Lake, said, “We are delighted to increase our exposure and bring more of our co-investors into
this unmatched opportunity. The continued investment momentum over the last few weeks is
proof of the compelling vision and business model of Reliance Retail – and underscores the
tremendous potential of the transformative New Commerce initiative.”
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas
and Davis Polk & Wardwell acted as legal counsels. Latham & Watkins and Shardul Amarchand
Mangaldas & Co acted as legal counsels for Silver Lake.