KKR to Invest ₹ 2,069.50 Crore in Reliance Retail Ventures Limited at an Equity Value of ₹ 8.361 Lakh Crore; to Increase Equity Stake From 1.17% to 1.42%
- KKR's investment of ₹2,069.50 crore values RRVL at ₹8.361 lakh crore, making it one of the top four companies by equity value in the country
- RRVL operates India's largest and most profitable retail business serving 267 million loyalty customers with over 18,500 stores and digital commerce platforms
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KKR’S FOLLOW-ON INVESTMENT IN RRVL REAFFIRMS ITS BELIEF IN THE MARKET OPPORTUNITY AND RELIANCE RETAIL'S BUSINESS MODEL
KKR’s follow-on investment will translate into an additional equity stake of
RRVL, through its subsidiaries and associates, operates
RRVL’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers, empowering micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies as a preferred partner, to deliver immense benefits to Indian society, while protecting and generating employment for millions of Indians. RRVL, through its New Commerce business, has digitized more than 3 million small and unorganised merchants. This will enable these merchants to use technology tools and an efficient supply chain infrastructure to deliver a superior value proposition to their own customers.
Founded in 1976, KKR has approximately
Ms Isha Mukesh Ambani, Director, Reliance Retail Ventures Limited, said, “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. 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.”
Mr Joe Bae, Co-CEO, KKR, said, “We are pleased to extend our relationship with Reliance Retail Ventures. Throughout our investment period in Reliance Retail, we have been impressed by the company’s vision and extensive work to empower retailers across
Mr Gaurav Trehan, Head of Asia Pacific Private Equity and Head of
KKR’s investment comes primarily from its Asian Fund IV. The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Retail Ventures Limited and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels.
About Reliance Industries Limited (RIL)
RIL is India’s largest private sector company, with a consolidated revenue of ₹
Currently ranking 88th, RIL is the largest private sector company from
About Reliance Retail Ventures Limited
RRVL, through its subsidiaries and affiliates, operates an integrated omni-channel network of over 18,500 stores and digital commerce platforms across Grocery, Consumer Electronics, Fashion & Lifestyle and Pharma consumption baskets and has partnered with over 3 million merchants through its New Commerce initiative. Reliance Retail Limited, a subsidiary of RRVL, is the only Indian retailer in the global Top 100 and amongst the fastest growing retailers globally as per Deloitte's Global Powers of Retailing 2023.
RRVL reported a consolidated turnover of ₹
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230911917389/en/
Media:
Manish Bhatia
Reliance Retail Ventures Limited
E-mail: manish.b.bhatia@ril.com
KKR Asia Pacific
Wei Jun Ong
WeiJun.Ong@kkr.com
AdFactors (For KKR India)
George Smith Alexander
George.Smith@adfactorspr.com
Source: KKR