Reliance Industries Ltd said on Saturday Singapore sovereign wealth fund GIC and global private equity firm TPG Capital invested a combined Rs 73.50 billion (about $1 billion) in its retail unit.
Reliance, controlled by Asia's richest man Mukesh Ambani, has secured more than $2 billion in investments from global investors, including KKR & Co, Abu Dhabi state fund Mubadala and Silver Lake Partners, in Reliance Retail Ventures Ltd over the past few months.
GIC will invest Rs 55.12 billion for a 1.22% stake, while TPG Capital Management will invest Rs 18.38 billion to own a 0.41% equity stake in the retail arm, the company said.
The investments in Reliance Retail values the company at a pre-money equity value of Rs 4.285 trillion ($58.47 billion), Reliance said.
This is TPG Capital's second investment in Reliance. In June, the firm invested $598 million in Reliance's digital unit Jio Platforms.
Mumbai-headquartered Reliance has approached investors in Jio Platforms about buying stakes in its retail arm, Reuters had reported in September.
Reliance, already India's biggest retailer with roughly 12,000 stores, forged a $3.38 billion deal in August to acquire rival Future Group's retail business.
The conglomerate is also expanding its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc's Flipkart and Amazon.com Inc's Indian arm.
