RIL’s market valuation rose to ₹14,66,589.53 crore.
Continuing its rally, shares of Reliance Industries Ltd on Thursday zoomed 8.5% and the company’s market valuation rose to ₹14,66,589.53 crore ($199.64 billion) in late afternoon trade. On Wednesday, it was announced that US private equity firm Silver Lake Partners would buy 1.75% stake in RIL’s retail arm for ₹7,500 crore. The market heavyweight stock jumped 8.45% to a record high of ₹2,343.90 on the BSE. On the NSE, it gained 8.49% to a lifetime high of ₹2,344.95. In the previous session too, it had closed with nearly 3% gain. RIL’s market valuation rose to ₹14,66,589.53 crore (USD 199.64 billion) in late afternoon trade on the BSE. Gain in Reliance Industries was also instrumental in market rally, with the 30-share BSE Sensex trading 544.58 points higher. Silver Lake will invest ₹7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of RIL. This will mark the second billion-dollar investment by Silver Lake in an RIL subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year. Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.
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