Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) announced in October that global investment firm TPG will invest Rs 1,837.5 crore into RRVL, a subsidiary of Reliance Industries.

This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore. TPG’s investment will translate into a 0.41 percent equity stake in RRVL on a fully diluted basis. This marks the second investment by TPG in a subsidiary of Reliance Industries, following a Rs 4,546 crore investment in Jio Platforms announced earlier this year. This is the second investment announced in half an hour by Reliance Retail Ventures around midnight, the earlier one being by GIC of Singapore. 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.”