Global investment firm KKR will invest Rs 2,069 crore ($249 million) in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited.
The investment was made at a pre-money equity valuation of Rs 8.361 lakh crore, which makes Reliance among the top four companies by equity value in the country.
KKR had earlier invested Rs 5,550 crore in RRVL in 2020. The follow-on investment takes its total equity stake in RRVL to 1.42 percent on a fully diluted basis.
Isha Mukesh Ambani, director at RRVL in a statement said, “We highly value our deepening partnership with KKR, and their latest investment in RRVL after their previous investment further reinforces their strong belief in RRVL’s vision and capabilities. We look forward to continued engagement with KKR and to benefit from their global platform, industry knowledge and operational expertise, in our journey towards driving transformation of the Indian retail sector.”
Joe Bae, co-CEO at KKR in a statement said, “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 despite the pandemic and other disruptions. We look forward to continuing to work alongside the Reliance Retail team to support the company’s mission to build a more inclusive Indian retail economy.”
RRVL operates India’s largest retail business with an integrated omni-channel network of over 18,500 stores and digital commerce platforms that includes fashion, beauty, and lifestyle among others.
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