Singapore's sovereign wealth fund GIC
will invest Rs 5,512.5 crore ($752.08 million) in Reliance Industries' retail arm Reliance Retail
Ventures Limited (RRVL), the company said on Saturday.
“It gives me great pleasure to welcome GIC
to the Reliance Retail
family. I am delighted that GIC, with its track record of close to four decades of successful long-term value investing across the world, is partnering with Reliance Retail in its mission to transform the Indian retail landscape. GIC's global network and track record of long-term partnerships will be invaluable to the transformation story of Indian Retail. This investment is a strong endorsement of our strategy and India's potential," said Mukesh Ambani, chairman and managing director of Reliance Industries.
is pleased to partner with Reliance through this new investment, which will enable the company to position Reliance Retail for the strong secular growth in India's retail market. We believe Reliance Retail will continue to use its extensive supply chain and store networks, as well as strong logistics and data infrastructure, to add value to its customers and shareholders", said Lim Chow Kiat, Chief Executive Officer, GIC.
Reliance Retail Limited, a subsidiary of RRVL, operates India's 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.
GIC is a leading global investment firm established in 1981 to manage Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades.