RIL transfers Rs 51.50 bn to warehouse InvIT fund

30 Oct 2023 CW Team

Reliance Industries (RIL) announced earlier this week that it had transferred Rs 51.50 billion to its warehouse InvIT infrastructure investment trust (InvIT) entity. The assets were transferred on October 25, 2023, for a total consideration of Rs 51.50 billion. The earning statement also mentioned that the asset value had been included in the 'Other Financial Assets' segment as of September 30, 2023.

RIL had established an InvIT, enabling the group to monetise the backend warehousing and logistics assets of its retail business. The trust was registered with the market regulator Securities and Exchange Board of India (Sebi) in February of the same year. The funds generated through the InvIT would be utilised for acquiring warehousing and logistics-related assets through a special-purpose vehicle.

Reliance Retail, the retail business arm of Reliance Industries led by billionaire Mukesh Ambani, has been actively expanding its presence across various channels. The company has been investing in backend infrastructure, including warehousing, supply chain, and logistics facilities. As of September 30, Reliance Retail was operating 18,650 stores covering an area of 71.5 million square feet.

In the statement, it was revealed that Reliance Retail's focus is on strengthening its backend infrastructure to support its aggressive expansion strategies.

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