Reliance Retail Ventures likely to divest only 10-15% stake: Sources

The large divestment was aimed at making RIL debt-free much earlier than its target of next March. RIL had a net debt of over Rs 160,000 crore

Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries (RIL), is expected to divest only a small stake of 10-15 per cent in its retail holding company, the proceeds of which will be used to fund acquisitions such as the retail and wholesale business of Future Group and others.  As part of its initial and ongoing fund-raising exercise, RRVL has already divested 8.48 per cent stake to a bevy of private equity funds for Rs 37,710  crore.

The 10-15-per cent divestment, say sources, will not include strategic investors but only private equity (PE) and sovereign funds. The strategy, according to these