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Abu Dhabi Investment Authority to Pick 1.2% Stake in Reliance Retail for INR 5,512 Cr Investment – Entrepreneur

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4 years ago

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RIL’s retail arm has sold about 8.5 per cent stake in return of a total investment of INR 37,710 crore from global investors Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA

October
7, 2020

2 min read

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Abu Dhabi Investment Authority (ADIA) has announced an investment of INR 5,512. 5 crore in Reliance Industries Limited’s (RIL’s) retail arm Reliance Retail Ventures Limited (RRVL) in return of 1.20 per cent equity stake.

This deal marks ADIA’s second investment in Mukesh Ambani led RIL after it announced INR 5,683.5 crore capital in the company’s digital unit Jio Platforms in June this year.  

Also Read: Silver Lake Invests INR 7,500 Crore In Reliance Retail

This fresh capital infusion will value Reliance’s retail subsidiary at INR 4.285 lakh crore.

In the last one month, RRVL, country’s largest retail business, has sold about 8.5 per cent stake in return of a total investment of INR 37,710 crore from global investors Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA.

Also Read: General Atlantic to Invest INR 3,675 Cr in Reliance Retail for 0.84% Stake

“We are delighted with ADIA’s current investment and continued support and hope to benefit from its strong track record of over four decades of value creation globally. The investment by ADIA is a further endorsement of Reliance Retail’s performance and potential and the inclusive and transformational New Commerce business model that it is rolling out,” said chairman and managing director Ambani.

RRVL operates the country’s largest and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide through its subsidiary Reliance Retail Limited. It reported a consolidated turnover of INR 162,936 crore and net profit of INR 5,448 crore for financial year 2019-2020.

Also Read: KKR Invests INR 5,550 Crore In Reliance Retail

“Reliance Retail has rapidly established itself as one of the leading retail businesses in India and, by leveraging both its physical and digital supply chains, is strongly positioned for further growth. This investment is consistent with our strategy of investing in market leading businesses in Asia linked to the region’s consumption-driven growth and rapid technological advancement,” said Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department, ADIA.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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4 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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