Reliance Industries on Wednesday announced that global investment firm KKR will invest Rs 5,550 crore into Reliance Retail Ventures Limited (RRVL).
The investment by KKR will translate into a 1.28 per cent equity stake in RRVL.
KKR in May this year had announced an investment of Rs 11,367 crore in Jio Platforms of Reliance Industries.
Welcoming the deal, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am 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. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We look forward to working with KKR’s global platform, industry knowledge and operational expertise across our digital services and retail businesses.”
Speaking on the investment, Henry Kravis, Co-founder and Co-CEO of KKR said, “We are pleased to deepen our relationship with Reliance industries through this investment in reliance Retail Ventures, which is empowering merchants of all sizes and fundamentally changing the retail experience for Indian consumers. Reliance Retail’s new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kiranas to be a critical part of the value chain. We 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.”
Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of $ 21.7 billion and net profit of $ 726.4 million for the year ended March 31, 2020.
