Davis Polk Helps Indian Retailer Close $6.4B Fundraising

Law360 (November 19, 2020, 7:07 PM EST) -- Reliance Industries said Thursday its retail ventures unit, assisted by Cyril Amarchand Mangaldas and Davis Polk & Wardwell LLP, wrapped up a fundraising spree with 472.65 billion rupees ($6.37 billion) in commitments from investors.

Together, the investors will hold about a 10% stake in Reliance Retail Ventures Ltd., the announcement said. Reliance Retail operates thousands of stores across India and is hoping to lead the widespread digitalization of the country's small and mid-size businesses.

"We feel honored by the phenomenal interest shown by investors in our business and look forward to working with our partners to benefit from their experience and...

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