Reliance Industries has secured equity investments totaling INR172.75 billion ($2.36 billion) for its retail holding subsidiary Reliance Retail Ventures Limited (RRVL) through multiple deals.

On Sunday, the Indian conglomerate owned by Mukesh Ambani struck a deal worth INR 18.37 billion ($250 million) with global investment firm TPG in exchange for a 0.41% stake in Reliance Retail Ventures. TPG had earlier invested around INR 45.46 billion in Reliance Industries’ another subsidiary Jio Platforms.

On Saturday, Singaporean sovereign wealth fund GIC agreed to acquire a stake of 1.22% in Reliance Retail Ventures for INR 55.12 billion ($750 million).

A day earlier, Mubadala Investment Company, an Abu Dhabi-based sovereign investor, agreed to acquire a stake of 1.4% in Reliance Retail Ventures for INR62.47 billion ($853 million). Mubadala Investment had also invested $1.2 billion in Jio Platforms.

Mukesh Ambani – Chairman and Managing Director of Reliance Industries said: “We value the partnership with a knowledge-rich organization like Mubadala and acknowledge their confidence in our mission to strengthen the core of India’s retail sector – the millions of small retailers, merchants and shopkeepers – through the power of technology. Mubadala’s investment and guidance will be an invaluable support in this journey.”

Last week, global growth equity firm General Atlantic signed a deal to acquire a 0.84% stake in Reliance Retail Ventures for INR 36.75 billion ($500 million).

The series of investment announcements follow last month’s deal signed by Reliance Industries with US private equity firm Silver Lake under which the latter agreed to invest $1.02 billion for a stake of 1.75% in Reliance Retail Ventures.

Reliance Retail, which is a subsidiary of Reliance Retail Ventures, is claimed to operate the largest retail business in India with nearly 12,000 stores across the country.

In the food and grocery category, Reliance Retail operates the Reliance Fresh, Reliance Market, and Reliance Smart store chains. In the consumer electronics sector, the retailer operates Reliance Digital, Reliance Digital Express Mini stores, and Jio stores.

Reliance Retail is also involved in the fashion and lifestyle sector through Reliance Trends, Trends Man, Trends Women, Project Eve, Trends junior, Reliance Jewels, and Reliance Footprint, and AJIO.com among others.

  GIC, India, Mubadala Investment Company, Mukesh Ambani, Reliance Industries, Reliance Retail, Reliance Retail Ventures, Retail acquisition news, TPG