Mumbai, September 4: Silver Lake Partners is reportedly in talks to invest $1 billion in the retail arm of India’s Reliance Industries, according to a Financial Times report. The investment, which would value Reliance Retail at about $57 billion, comes as the company is aiming to sell about 10 percent in new shares.

The company has raised more than $20 billion from global investors including Facebook 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. Reliance Retail Buys Future Group Businesses: Mukesh Ambani Owned RIL Announces Acquisition of Kishore Biyani Owned Retail Business For Rs 24,713 Crore.

Both Silver Lake and Reliance didn't comment on the matter.  Reliance Retail reported a net profit of Rs 431 crore for the June quarter despite 50 per cent of its stores being fully shut, 29 per cent partially operated due to the countrywide lockdown.

Reliance Industries said on Tuesday that all approvals have been obtained for a Rs 25,215 crore Brookfield tower deal a year after it was announced. 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 above story first appeared on LatestLY on Sep 04, 2020 11:29 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).