KKR to invest Rs 5550 cr in Reliance Retail

By Frontier India News Network , 2020-09-23 0 Comments

The global investment company KKR has negotiated a deal to invest Rs 5550 crores into Reliance Retail Ventures Limited (“RRVL”), a subsidiary of Reliance Industries. This investment values Reliance Retail at a pre-money equity value of ₹ 4.21 lakh crore. KKR’s investment will translate into a 1.28% equity stake in RRVL on a fully diluted basis.

Previously KKR invested Rs 11,367 crore in Jio Platforms which is also a subsidiary of Reliance Industries.

“Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest-growing and most profitable retail business serving close to 640 million footfalls across its ~12,000 stores nationwide,” says a Reliance Industries release.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march to growing and transforming the Indian Retail ecosystem for the benefit of all Indians. 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.”

RRVL has reported a consolidated turnover of ₹ 162,936 crore ($ 21.7 billion) and net profit of ₹ 5,448 crore ($ 726.4 million) for the year ended March 31, 2020.