KKR Invests $250 Mln In Reliance Retail

(RTTNews) - KKR increasing its stake in Reliance Retail, by investing nearly $250 million in India's largest retail chain, thus valuing it at $100 billion.

The deal follows the Qatar Investment Authority's $1 billion investment in Mukesh Ambani's retail empire just last month.

Reliance Retail Ventures Limited on Monday announced that global investment firm KKR, through an affiliate, will invest 2,069.50 crore rupees into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of 8.361 lakh crore rupees, which makes it among the top four companies by equity value in the country.

KKR had invested about $755 million in Reliance Retail in 2020, when the Indian firm was valued at about $62 billion.

Reliance Retail, part of conglomerate Reliance Industries, operates 18,500 stores and digital commerce platforms in India, selling everything from electronics to fashion and pharma.

KKR's follow-on investment will translate into an additional equity stake of 0.25% in RRVL on a fully-diluted basis. This, combined with its stake from its investment in 2020, will take its total equity stake in RRVL to 1.42% on a fully-diluted basis.