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GIC, TPG to invest Rs 7,350 crore in Reliance Retail

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GIC, TPG to invest Rs 7,350 crore in Reliance Retail

Reliance Industries on Saturday said two investors GIC and TPG will invest a total of Rs 7,350 crore in its retail venture at a pre-money equity of Rs 4,285 crore. While GIC will invest Rs 5,512.5 crore for a 1.22 per cent equity stake on a fully diluted basis, TPG will invest Rs 1,837.50 crore for a 0.41 per cent stake at a similar valuation.

Earlier on Thursday, Abu Dhabi-based sovereign investor Mubadala Investment Company said it will invest Rs 6,247.5 crore into Reliance Retail Ventures for a 1.40 per cent stake. On Wednesday, RIL announced that co-investors of Silver Lake and General Atlantic will invest Rs 1,875 crore and Rs 3,675 crore respectively in RRVL.

US buyout firm KKR & Co also announced Rs 5,550 crore investment recently, while Silver Lake itself invested Rs 7,500 crore. Reliance Retail operates India’s largest and most profitable retail business. It serves 640 million footfalls across its 12,000 stores nationwide. The retail unit has reported a consolidated turnover of Rs 659,205 crore, cash profit of Rs 71,446 crore and net profit of Rs 39,880 crore for the year ended March 31.

The fresh deals were announced amid an ET report that suggested that Saudi Arabia’s Public Investment Fund (PIF) and Abu Dhabi Investment Authority (ADIA) are likely to invest about $500 million or Rs 3,700 crore each to acquire a total 51 per cent in the infrastructure investment trust (InvIT) structure formed by Reliance Industries to monetise its fibre optic network assets.

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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