Reliance ropes KKR for big investment in retail |
Top American buyout firm KKR & Co will be investing seven hundred forty-seven million dollars in Reliance Retail in exchange for a 1.28 percent stake, the second deal stitched up by the Reliance Industries Ltd unit. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said he is 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 shop online and the company offers tools for Kiranas to be a critical part of the value chain. They 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. RIL 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 market. The company said at the end of August it would buy the retail and logistics businesses of Kishore Biyani`s Future Group in a deal valued at $3.38 billion, including debt. This is also the second investment by KKR in a Reliance enterprise. In May 2020, KKR said it will invest $1.5 bn in Jio Platforms, the digital services platform of RIL. The transaction is subject to regulatory and other customary approvals.
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