TPG to Invest ₹ 1,837.5 Crore in Reliance Retail Ventures

TPG’S SECOND INVESTMENT WITH RELIANCE INDUSTRIES THIS YEAR BRINGS UNIQUE CAPABILITIES TO INDIA’S FASTEST GROWING RETAIL BUSINESS AND ACCELERATES ITS TRANSFORMATIONAL NEW COMMERCE MODEL

Reliance Industries Limited (“Reliance Industries”) and Reliance
Retail Ventures Limited (“RRVL”) announced today that global investment firm TPG will invest
₹ 1,837.5 crore into RRVL, a subsidiary of Reliance Industries. This investment values
Reliance Retail at a pre-money equity value of ₹ 4.285 lakh crore. TPG’s investment will
translate into a 0.41% equity stake in RRVL on a fully diluted basis.
This marks the second investment by TPG in a subsidiary of Reliance Industries, following a
₹ 4,546.8 crore investment in Jio Platforms announced earlier this year.
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.
TPG is a leading global alternative asset firm founded in 1992 with more than $83 billion of
assets under management across a wide range of asset classes, including private equity,
growth equity, real estate and public equity. Over TPG’s nearly 30-year history, the firm has
built an ecosystem made up of hundreds of portfolio companies and a value-added network
of professionals, executives, and advisors around the world. By offering institutional support
and global resources, TPG enables these companies to reach their full potential and unlock
greater possibilities.
Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I
am pleased to welcome TPG as valued investors in Reliance Retail Ventures mission of
growing and transforming the Indian Retail ecosystem for the benefit of all Indians. TPG has
a proven track record of being a valuable partner to global technology businesses and
industry leaders and we look forward to their guidance and support in our journey.”

Mr. Jim Coulter, Co-CEO, TPG, said, “Regulatory changes, consumer demographics and
technological disruption are creating seismic shifts across the entire retail value chain in India.
In the midst of this transformation, Reliance Industries has utilized technology and scale to
position Reliance Retail as an incredibly strong, well-organized, and innovative leader. We
are excited to join with them as they seek to create a more inclusive retail industry that allows
Kiranas and Indian consumers to benefit from the connectivity, efficiency, and accessibility
of the Reliance Retail omnichannel platform.”
Ms. Isha Ambani, Director of Reliance Retail, said, “We are delighted to welcome TPG to
the Reliance Retail family in our journey of revolutionizing the Indian Retail landscape and
improving the economic prospects of millions of merchants and enhancing consumer
experience. TPG’s rich experience will be invaluable to the Reliance Retail mission.”
Mr. Puneet Bhatia, Co-Managing Partner and Country Head, India of TPG Capital Asia,
said, “There is a significant opportunity to transform the Indian retail ecosystem for the better.
Through their New Commerce initiative, Reliance Retail continues to lead the industry by
creating a retail platform that meets the demands of a new generation of Indian consumers.
We are excited to work with Reliance Industries as they reimagine the retail experience
across the value chain.”
TPG is making the investment from its TPG Capital Asia fund.
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. Deloitte Touche Tohmatsu India LLP
acted as financial advisor to TPG and Shardul Amarchand Mangaldas & Co. acted as legal
counsel to TPG.