KKR and Co., one of the world's largest private equity firms, announced it will buy a 1.28 percent stake in Reliance Retail for Rs 5,500 crore on September 23. This is the second big-ticket investment into the Reliance Industries unit.
American buyout firm KKR & Co. is all set to invest Rs 5,550 crore in Reliance Retail for a 1.28 percent stake, the second deal stitched up by the Reliance Industries (RIL) unit in as many weeks. Here are a few details about the deal and the parties involved.
The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore.
This comes after private equity giant Silver Lake Partners said on September 9 that it will invest Rs 7,500 crore in Reliance Retail, India’s biggest brick-and-mortar retail business, for a 1.75 percent stake.
Reliance Retail operates India's largest, fastest growing and most profitable retail business. Its footprint spans nearly 12,000 retail stores in over 7,000 towns with 28.7 million sq ft of retail space and having close to a 640 million footfall.
RIL, the oil-to-telecom conglomerate, is expanding its retail business through acquisitions and lining up a scrum of global investors to take on rivals such as Amazon India and Walmart-owned Flipkart in India’s huge consumer market.
This is also the second investment by KKR in a Reliance enterprise. In May, 2020, KKR said it would invest Rs 11,367 crore in Jio Platforms, the digital services platform of RIL.
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First Published on Sep 23, 2020 08:28 pm