Reliance Industries (RIL) today announced that Silver Lake has agreed to invest Rs75 bn for a 1.75% stake in Reliance Retail Ventures Ltd (RRVL), valuing it at Rs4.3 tr (premoney equity value of Rs4.2tr). We expect the company to be in talks with its other existing investors and we expect few more deals in coming weeks as we had witnessed for Jio Platform. Though, valuation is likely to remain unchanged for coming deals in line with Jio Platform stake sale. The Silver Lake deal size reflects a valuation of EV/EBITDA of 38.4x and EV/sales of 2.4x on FY22E, significantly ahead of our earlier estimates. We further expect a deal at O2C business would add value to its shareholders as making a separate subsidiary for O2C business would fasten the...