Six of top10 most valued firms add Rs 86,847.88 crore
Last week, six of the top 10 most valued firms together added Rs 86,847.88 crore in market valuation.
Last week, six of the top 10 most valued firms together added Rs 86,847.88 crore in market valuation.
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
During a conversation with Mukesh Ambani in Mumbai, Huang said, “This is an excellent opportunity for India to have a large population and a large population of computer engineers. This is such an extraordinary time. I am honoured and privileged to get to partner with you for this.”
Last week, the combined market valuation of nine of the top 10 most valued firms jumped by Rs 95,522.81 crore. Reliance Industries, TCS and HUL emerged as the biggest gainers.
Reliance Industries and Life Insurance Corporation of India gas emerged as the biggest laggards in line with weak trend in equities.
Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels.
Reliance Retail Ltd, a Subsidary of RRVL, operates about 12,000 stores in nearly 7,000 towns, with 640 million footfalls.
The investment will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon.
This is the second billion-dollar investment by Silver Lake in RRVL after the $1.35 billion investment in Jio Platforms announced earlier this year.
The latest investment in RRVL comes roughly two weeks after US private equity firm Silver Lake Partners agreed to buy 1.75 per cent stake.
