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MUMBAI: NYSE-listed KKR will invest an additional Rs 2,070 crore in Reliance Retail Ventures, increasing its stake to 1.42% from 1.17%. The investment values Reliance Retail at a pre-money equity value of Rs 8.36 lakh crore, making it among India’s top four companies by equity value, it said.
KKR had first put in money in Reliance Retail in September 2020. It invested Rs 5,550 crore in the company for a 1.17% stake. The KKR deal comes about three weeks after Qatar Investment Authority invested Rs 8,278 crore in Reliance Retail for a 0.99% stake.
KKR, which manages assets worth $519 billion, has routed the Reliance Retail investment through its Asian Fund IV. “Throughout our investment period in Reliance Retail, we have been impressed by the company’s vision and extensive work to empower retailers across India through digitalization, as well as by its resilience and performance in spite of the pandemic and other disruptions,” said KKR co-CEO Joe Bae. KKR is also an investor in Mukesh Ambani’s telecom unit, Jio Platforms.
Reliance Retail through its subsidiaries and affiliates is the country’s top retailer that spans from luxury fashion to electronics to groceries. With a turnover of Rs 2.6 lakh crore and a profit of Rs 9,181 crore in fiscal 2023, it operates over 18,500 stores.
After the latest share-sale, Reliance Retail will be owned 88.65% by RIL and 11.35% will be held by foreign investors. Aside from KKR and QIA, Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala and ADIA, Singapore’s GIC, US’s Silver Lake, General Atlantic and TPG own stake in Reliance Retail, which plans to list itself on the bourses.
KKR had first put in money in Reliance Retail in September 2020. It invested Rs 5,550 crore in the company for a 1.17% stake. The KKR deal comes about three weeks after Qatar Investment Authority invested Rs 8,278 crore in Reliance Retail for a 0.99% stake.
KKR, which manages assets worth $519 billion, has routed the Reliance Retail investment through its Asian Fund IV. “Throughout our investment period in Reliance Retail, we have been impressed by the company’s vision and extensive work to empower retailers across India through digitalization, as well as by its resilience and performance in spite of the pandemic and other disruptions,” said KKR co-CEO Joe Bae. KKR is also an investor in Mukesh Ambani’s telecom unit, Jio Platforms.
Reliance Retail through its subsidiaries and affiliates is the country’s top retailer that spans from luxury fashion to electronics to groceries. With a turnover of Rs 2.6 lakh crore and a profit of Rs 9,181 crore in fiscal 2023, it operates over 18,500 stores.
After the latest share-sale, Reliance Retail will be owned 88.65% by RIL and 11.35% will be held by foreign investors. Aside from KKR and QIA, Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala and ADIA, Singapore’s GIC, US’s Silver Lake, General Atlantic and TPG own stake in Reliance Retail, which plans to list itself on the bourses.
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