Silver Lake in talks to take $1 billion stake in Reliance Retail: Report

Reliance, an oil-to-telecoms conglomerate controlled by India's richest man, Mukesh Ambani, is pitching its retail business as a formidable force

Private equity firm Silver Lake Partners is in talks to invest $1 billion in the retail arm of India’s Reliance Industries Ltd (RELI.NS), the Financial Times reported on Thursday, citing people with direct knowledge of the matter.

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