Two new investors have poured money into Reliance Retail Ventures: GIC of Singapore and TPG, the US-based global investment firm.

GIC of Singapore has agreed to invest a sum of Rs 5,512.5 crore in Reliance Retail Ventures Ltd (RRVL), which will translate into a 1.22 per cent equity stake in Reliance Industries retail arm.

TPG will invest Rs 1,837.5 crore for a 0.41 per cent stake.

The announcements made late on Friday night values RRVL at a pre-money equity value of Rs 4.285 lakh crore — the same valuation at which Mubadala, General Atlantic and Silver Lake picked up stakes in the retailing entity earlier in the week.

“It gives me great pleasure to welcome GIC to the Reliance Retail family. I am delighted that GIC, with its track record of close to four decades of successful long-term value investing across the world, is partnering Reliance Retail in its mission to transform the Indian retail landscape,” said Mukesh Ambani, chairman and managing director of Reliance Industries.

Lim Chow Kiat, chief executive officer, GIC, said: “GIC is pleased to partner Reliance through this new investment... We believe Reliance Retail will continue to use its extensive supply chain and store networks, as well as strong logistics and data infrastructure, to add value to its customers and shareholders.”

Jim Coulter, co-CEO, TPG, said, “Regulatory changes, consumer demographics and technological disruption are creating seismic shifts across the entire retail value chain in India. In the midst of this transformation, Reliance Industries has utilised technology and scale to position Reliance Retail as an incredibly strong, well-organised, and innovative leader.”

Reliance Retail Ltd, a subsidiary of RRVL, operates India’s fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide. Morgan Stanley acted as the financial adviser to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsel.

With GIC’s latest investment, Reliance Retail has raised over Rs 30,000 crore and signals a flurry of deal-making that is expected in the next few weeks. Early last month, affiliates of GIC, along with Brookfield Infrastructure Partners LP and other co-investors, had acquired a 100 per cent stake in a telecom tower company from Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL.

The total equity commitment for the transaction was approximately $3.4 billion.

The entity owns around 135,000 communication towers that form the backbone of Reliance Jio Infocomm Limited’s telecommunication network.