Silver Lake in talks to take $1 billion stake in India's Reliance Retail

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Silver Lake in talks to take $1 billion stake in India's Reliance Retail

Private equity firm Silver Lake Partners SILAK.UL is in talks to invest $1 billion in the retail arm of India's Reliance Industries Ltd.To get more news about WikiFX, you can visit wikifx official website.
　　The investment, which would value Reliance Retail at about $57 billion, comes as the company is aiming to sell about 10% in new shares, the report added.
　　Silver Lake declined to comment on the report, while Reliance could not immediately be reached outside of normal business hours.

Reliance, an oil-to-telecoms conglomerate controlled by India's richest man, Mukesh Ambani, is pitching its retail business as a formidable force in the world's second most populous country, expanding rapidly to woo potential investors. company has raised more than $20 billion from global investors including Facebook Inc by selling stakes in its Jio Platforms digital business and has said it aims to attract investors to Reliance Retail over the next few quarters.
　　In late August, Reliance said it would acquire the retail and logistics businesses of India's Future Group in a deal valued at $3.38 billion, including debt.

The dollar extended gains on Wednesday and the euro fell, retreating from the key $1.20 level reached in the previous session.
　　Wednesday's counter-trend was attributed by analysts to profit taking and technical resistance to the $1.20 mark hit Tuesday, spurred on by comments from European Central Bank chief economist Philip Lane, who said that the euro-dollar rate “does matter” for monetary policy. Comments show the ECB was rattled by the appreciation of the euro and fall in the dollar.