Believe there is still more upside in Reliance Industries, says Avendus Capital

Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies, on Wednesday said that he sees more upside in Reliance Industries, adding that the company "delivered on everything they said".

"I still think there is a long way to for Reliance both on the digital and the retail given where India is in that journey. I think this is the beginning of a very long move up. Of course, we will have corrections but I don’t think you can take away from the compelling story that Reliance has now compared to what it was two years ago," he said in an interview with CNBC-TV18.

RIL on Wednesday announced that private equity firm Silver Lake will invest Rs 7,500 crore for 1.75 percent equity stake in its subsidiary Reliance Retail Ventures Ltd (RRVL). This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore.