Reliance Industries Ltd (RIL) has transferred Rs 5,150 crore earlier this week to its warehouse InvIT infrastructure investment trust (InvIT) entity. “Reliance Retail completed the transfer of assets to warehouse InvIT entity for a total consideration of Rs 5,150 crore on 25th October 2023,” said the earning statement from Reliance Retail on Friday.
The asset value is now reflected in the ‘Other Financial Assets’ segment, as of September 30, 2023, it added.
RIL has set up an InvIT, under which the group can monetise the backend warehousing and logistics assets of its retail business.
Reliance Retail, which operates the retail business of the billionaire Mukesh Ambani-led Reliance Industries, registered the trust with the market regulator Securities and Exchange Board of India (Sebi) in February this year.
The funds raised by the InvIT will be used for the acquisition of warehousing and logistics-related assets through a specialpurpose vehicle.
Reliance Retail, which is aggressively expanding its presence across the channels, is investing in backend infrastructure, such as warehousing, supply chain, logistics infrastructure and facilities.
As of September 30, Reliance Retail was operating 18,650 stores with an area of 71.5 million sq ft.