Mukesh Ambani 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.”
The US-based investment firm KKR will buy a 1.28 % stake in its retail arm Reliance Retail Ventures, for Rs 5,550 crore. This is the second time KKR is investing in a subsidiary of Reliance Industries. Earlier, it had invested Rs 11,367 crore in Jio. This will give Reliance an equity value of Rs 4.21 lakh crore, Reliance Industries said it before market hours on Wednesday. KKR will make its investment from its Asia private equity fund and the transaction is subject to customary approval, Reliance Industries added.
A number of investments were made this year in the Reliance Industries which helped it become a debt-free company. “Reliance Retail’s new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kirana to be a critical part of the value chain. We are thrilled to support Reliance Retail in its mission to become India’s leading omnichannel retailer and ultimately to build a more inclusive retail economy”, said the Co-founder and Co-CEO of KKR.