RIL inks Rs 3 lakh crore investment MoU with Maha govt
The Reliance Industries Limited on Thursday signed an MoU with the Maharashtra government to invest approximately Rs 3.05 lakh crore which is projected to create more than 3,00,000 jobs.
Share price of Reliance Industries continued to rally on Thursday afternoon, rising nearly 7 per cent, a day after the company announced that US private equity firm Silver Lake Partners will invest Rs 7,500 crore for 1.75 per cent stake of its Reliance Retail Ventures (RRVL).
The market heavyweight stock was trading 6.95 per cent or Rs 150.25 higher to Rs 2,311.50 on the BSE. It had hit the record high of Rs 2,343.90 earlier in the day.
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On the NSE, it gained 6.75 per cent or Rs 145.95 to Rs 2,307.30.
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In the previous session too, it had closed with nearly 3 per cent gains.
The company’s full market capitalisation jumped to Rs 14,60,598.80 crore in afternoon trade on the BSE.
Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, for a 1.75 per cent stake, the Indian firm said in a statement on Wednesday.
This marks the second billion-dollar investment by Silver Lake in an RIL subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year.
Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart. It operates almost 12,000 stores in nearly 7,000 towns.
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