Mukesh Ambhani led Reliance Industries retail arm is in the news again. The company announced that US-based Private equity firm KKR & Co will invest Rs 5,550 crore in Reliance Retail for a 1.28 per cent stake. Reliance Retail is now valed at pre-money equity value of Rs 4.21 lakh crore informed RIL in an exchange filing done on September 22.
Private equity giant Silver Lake Partners announced an investment Rs 7,500 crore in Reliance Retail earlier this month.
Commenting on the investment, 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.”
Henry Kravis, Co-Founder and Co-CEO of KKR, said, “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 Kiranas 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 Indian retail economy.”
Founded in 2006, Reliance retail has over 11,806 stores in 7000 towns in India.
In May, 2020, KKR announced investment of Rs 11,367 crore in Jio Platforms.
Reliance Retail is preparing to take on global giants Walmart and Amazon who have established a large footprint in India.
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