Singapore’s GIC, TPG to Invest $1 Billion in Reliance Retail

Singapore sovereign-wealth fund GIC Pte. Ltd. and private-equity firm TPG Inc. have agreed to invest a total of 73.50 billion rupees ($1.00 billion) in the retail venture of Indian conglomerate Reliance Industries Ltd.

GIC will invest 55.12 billion rupees for a 1.22% stake, while the U.S. private-equity firm will invest 18.38 billion rupees for a 0.41% stake in Reliance Retail Ventures Ltd., the Indian company said Saturday.