After Jio, KKR to invest in Reliance Retail, Rs 5,550 crore for 1.28 per cent equity stake
Early this year, KKR invested Rs 11,367 crore in Jio Platforms, making this KKR’s second investment in a subsidiary of Reliance IndustriesUpdated: Sep 23, 2020, 10:43 IST
Global investment firm KKR will invest Rs 5,550 crore into Reliance Retail ventures Limited, a subsidiary of Reliance Industries Limited, RRVL said. KKR’s investment will translate into a 1.28% equity stake in RRVL on a fully diluted basis.
Early this year, KKR invested Rs 11,367 crore in Jio Platforms for 2.32 per cent stake, making this KKR’s second investment in a subsidiary of Reliance Industries.
“This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year,” Reliance Industries said in a statement.
Reliance Retail operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: “KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We look forward to working with KKR’s global platform, industry knowledge and operational expertise across our digital services and retail businesses”.
(With PTI inputs)