Mukesh Ambani richest Indian in Forbes billionaires list
The business tycoon retained his position as both India's and Asia's richest person and as the ninth richest person in the world.
Private equity fund Silver Lake is in talks to invest around $1 billion in Mukesh Ambani-owned Reliance Retail at a valuation of about $57 billion, a Financial Times report said on Friday, which cited people familiar with the matter.
The investment comes at a time when the Reliance Retail is aiming to raise $5.7 billion by selling around 10 per cent in new shares, the report said quoting its sources.
Silver Lake was among the first few global investors to invest Rs 10,202.55 crore for 2.08 per cent equity in Reliance Jio Platforms.
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Reliance Retail Ventures Limited (RRVL), subsidiary of Reliance Industries Limited, today announced that it is acquiring the retail and wholesale Business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore, subject to adjustments as set-out in the composite scheme of arrangement (Scheme).
The above acquisition is being done as part of the scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL).
As a part of the same Scheme, the retail and wholesale Undertaking is being transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of RRVL, the logistics and warehousing undertaking is being transferred to RRVL and RRFLL also proposes to invest Rs 1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 per cent of post-merger equity and Rs 400 crore in a preferential issue of equity warrants which, upon conversion and payment of balance 75 per cent of the issue price, will result in RRFLL acquiring further 7.05 per cent of FEL.
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