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.
Reliance is followed by State Bank of India, HDFC Bank, ICICI Bank, and Bharti Airtel followed in the top-5 list.
According to the company’s filing, over 98 per cent votes were in favour of Isha and Akash’s appointment, while Anant faced most resistance with 7.24 per cent votes polled against him.
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.
RIL's acquisition of Future Group's warehousing and logistics business, in addition to its stores, will help expand the scale of JioMart, RIL's online grocery platform.
1. Reliance Retail Limited, a subsidiary of RRVL, operates India's largest, fastest growing retail business. 2. RIL announced that US private equity firm Silver Lake Partners will invest Rs 7,500 crore for 1.75 per cent stake in its RRVL.
