COMPANIES IN NEWS

Silver Lake to invest $1 billion in retail arm of India’s Reliance

Reliance Industries Ltd said on Wednesday U.S. private equity firm Silver Lake Partners will invest $1.02 billion in its retail business, helping the Mukesh Ambani-controlled company widen its lead as India’s biggest retailer.

The move also sets the stage for a three-way battle between Asia’s richest man, Jeff Bezos’ Amazon.com Inc and Walmart Inc’s Flipkart to rope in the Indian middle class customer, many of whom are newly adopting online purchases of food and groceries due to the COVID-19 pandemic.

In May, Reliance launched online grocery service JioMart. It has been aggressively building its retail presence through acquisitions, moving beyond its mainstay oil and gas business.

Source
Reuters
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