KKR to Invest Another $250 Million in Reliance Industries Retail Unit
12 September 2023 - 9:09AM
Dow Jones News
By P.R. Venkat
Private equity firm KKR plans to invest an additional 20.70
billion Indian rupees ($250 million) to boost its stake in the
retail unit of the conglomerate Reliance Industries.
The investment would KKR's equity stake in the company to 0.25%
on a fully diluted basis, Reliance said in a statement late on
Monday. With the latest investment, KKR's stake in Reliance Retail
will increase to 1.42%, the company said.
KKR had made its first investment in Reliance Retail in 2020
when the company raised INR472.65 billion from various global
investors, which included the state-owned Abu Dhabi Investment
Authority, and U.S. private-equity firms Silver Lake, General
Atlantic and TPG.
Reliance Retail operates India's largest and fastest-growing
retail business, with over 18,500 stores. For the fiscal year that
ended in March, the company reported $31.7 billion in revenue and a
net profit of $1.1 billion.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
September 11, 2023 18:54 ET (22:54 GMT)
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