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After investing in Reliance Jio, Silver Lake is now investing ₹ 7,500 crore in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries.
This investment values RRVL at a pre-money equity value of ₹ 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75% equity stake in RRVL on a fully diluted basis.
Cyril Amarchand Mangaldas and Davis Polk Wardwell acted for RRVL.
The CAM team was led by Partners L Viswanathan, Nivedita Rao, Shishir Vayttaden and K Aishwarya.
Shardul Amarchand Mangaldas and Latham & Watkins advised Silver Lake.
The SAM & Co team was led by Partners Raghubir Menon, Natasha Shroff, Sakshi Mehra and Ekta Gupta along with Principal Associate Deepa Rekha, Senior Associates Pragya Seth and Tanya Choudhary.
FDI Aspects: Raghubir Menon, Regional Practice Head- M&A and Private Equity, General Corporate, Ekta Gupta, Partner, Tanya Choudhary, Senior Associate and Rooha Khurshid, Associate.
Due Diligence Team: Leoni Mahanta, Principal Associate, Pragya Seth, Senior Associate, Tanya Choudhary, Senior Associate, Apoorva Murali, Senior Associate, Pranav Awasthi, Associate, Rohan Singh, Associate, Akshay Jose, Associate, Chayanika Goyal, Associate, Tim Gupta, Associate, Sneha Bhawnani, Associate, Kaustubh Rastogi, Associate, Sheldon Dsouza, Associate, Neha Khanduri, Associate, Shrungar Bhuva, Associate, Madhurika Durge, Associate and Rooha Khurshid, Associate.
Farmer Procurement, IT and Data Privacy: Shahana Chatterji, Partner, Niti Chatterjee, Senior Associate and Ananya Das, Associate
Competition: Naval Satarawala Chopra, Partner, Rohan Arora, Partner, Aman Sethi, Principal Associate, Madhavi Singh, Associate.
Tax: Abhay Sharma, Partner, Priyanka Jain, Senior Associate.
This deal marks the second billion dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year.