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KKR to invest another Rs 2,069.50 crore in Reliance Retail Ventures Ltd (RRVL) through an affiliate for a 0.25 per cent stake on a fully-diluted basis.
“This investment values RRVL at a pre-money equity value of Rs 8.361 lakh crore, which makes it among the top four companies by equity value in the country,” the company said in its release.
This takes KKR’s investment in the retail subsidiary of Reliance Industries to 1.42 per cent from 1.17 per cent earlier. The global investment firm had also invested Rs 5,500 crore in 2020 when the retailer raised an aggregate amount of Rs 47,265 crore at a pre-money equity value of Rs 4.21 lakh crore from various global investors, which included investments from Silver Lake, Mubadala, General Atlantic among others.
In August, RRVL raised Rs 8,278 crore from Qatar Investment Authority (QIA) for a 0.99 per cent stake in the company on a fully-diluted basis.
The investment by QIA in Reliance Industries’ retail arm valued RRVL at a pre-money equity value of Rs 8.278 lakh crore.
“We are pleased to receive continued support from KKR as an investor in Reliance Retail Ventures Limited. 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,” Isha Mukesh Ambani, director at RRVL, said in the release. She added, “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.”
RRVL, through its subsidiaries and associates, operates India’s largest retail business with an integrated omnichannel network of over 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle, and pharma consumption baskets.
“We are pleased to extend our relationship with Reliance Retail Ventures Limited. 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 digitalisation, as well as by its resilience and performance in spite of 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,” Joe Bae, Co-CEO, KKR, said in the release.
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