Tuesday, May 21, 2024

Now, another US investor pumps in Rs 5,550 crores in Reliance Retail Ventures

US-based investment firm KKR would buy a 1.28 per cent stake in Reliance Retail Ventures, a retail arm of billionaire Mukesh Ambani-led Reliance Industries, it was announced on Wednesday.

The deal would be worth Rs 5,550 crores and the transaction gives Reliance Retail and equity value of Rs 4.21 lakh crore.

KKR will make its investment from its Asia private equity funds. It had earlier invested Rs 11,367 crore in Jio Platforms earlier this year.

KKR follows Silver Lake, another US-based firm, which has agreed to buy a 1.75 per cent stake in Reliance Retail Ventures for Rs 7,500 crores.

Global investors, including internet giants Facebook and Google are bullish on Reliance.

“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,” said Mukesh Ambani, chairman and managing director, Reliance Industries.

Reliance has attracted a series of investments this year which has helped the group become net debt-free company much ahead of its goal of March 2021.

Last month, Reliance had purchased the retail, wholesale, logistics and warehousing businesses of Future Group for Rs 24,713 crores.

In May, it had launched Jio Mart, an online grocery service in a move to rival Amazon’s local unit and Walmart’s Flipkart in Indian market.


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