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videos | IST

Believe there is still more upside in Reliance Industries, says Avendus Capital

Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies, on Wednesday said that he sees more upside in Reliance Industries, adding that the company "delivered on everything they said".
"I still think there is a long way to for Reliance both on the digital and the retail given where India is in that journey. I think this is the beginning of a very long move up. Of course, we will have corrections but I don’t think you can take away from the compelling story that Reliance has now compared to what it was two years ago," he said in an interview with CNBC-TV18.
RIL on Wednesday announced that private equity firm Silver Lake will invest Rs 7,500 crore for 1.75 percent equity stake in its subsidiary Reliance Retail Ventures Ltd (RRVL). This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore.
This is the second large investment by Silver Lake in a Reliance Industries subsidiary after investing $1.35 billion or Rs 10,200 crore in Jio Platforms for a 2.08 percent stake in two tranches earlier this year.
Silver Lake Partners is a specialist firm focused on technology companies and has invested in global tech majors like Twitter, Airbnb, Alibaba, Dell Technologies, ANT Financials, Alphabet’s Waymo, and Verily amongst others.
RIL stock jumped as much as 1.52 percent to an intraday high of Rs 2,139.10 on the BSE after the deal announcement.
 
Disclosure:
Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.