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Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) on Saturday announced that TPG, a global investment firm, will invest Rs 1,837.5 crores into RRVL, a subsidiary of Reliance Industries.The investment by GIC values RRVL at a pre-money equity value of Rs 4.285 lakh crore and it will translate into a 0.41 percent equity stake in RRVL on a fully diluted basis.It also marks the second investment by TPG in a subsidiary of Reliance Industries, following a Rs 4,546.8 crore investment in Jio Platforms announced earlier this year.Commenting on the investment by TPG, Mukesh Amb, Chairman and Managing Director, 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."Further commenting on the investment, 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-orgzed, 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," he added.Director of Reliance Retail, Isha Amb, also welcomed TPG in Reliance Retail's 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."TPG, notably, is making the investment from its TPG Capital Asia fund.Puneet Bhatia, Co-Managing Partner and Country Head, India of TPG Capital Asia, speaking about the deal 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."RRVL is a subsidiary of Reliance Industries Limited and holding company of all the retail compes under the RIL Group. RRVL reported a consolidated turnover of Rs 162,936 crore (USD 21.7 billion) and net profit of Rs 5,448 crore (USD 726.4 million) for the year ended March 31, 2020.Reliance Retail topped the list of '50 fastest-growing retailers globally between FY2013-2018' in the Deloitte's Global Powers of Retailing 2020 index. It secured the 56th spot this year against the 94th rank the previous year and is the only Indian company to be featured in this list.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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