Mumbai: Reliance Industries Ltd (RIL) on Thursday said it has received Rs 5,550 crore from global investment firm KKR, which has picked up 1.28 per cent stake in its retail arm.
Earlier, on September 23, RIL had announced that KKR will make the investment in its subsidiary Reliance Retail Ventures Ltd (RRVL) to buy 1.28 per cent equity stake.
Reliance Retail Ventures Limited, a subsidiary of the company, today received the subscription amount of Rs 5,550 crore from Alyssum Asia Holdings II Pte. Ltd. (a unit of KKR) and allotted 81,348,479 equity shares to KKR, Reliance Industries said in a regulatory filing. The investment valued Reliance Retail, which runs grocery stores and fashion chains, at a pre-money equity value of Rs 4.21 lakh crore.
This was the second investment by KKR in Reliance Industries’ units. It had previously picked up a 2.32 per cent stake in the digital arm, Jio Platforms, for Rs 11,367 crore. Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart. It operates almost 12,000 stores in nearly 7,000 towns. After monetising Jio Platforms — which houses the firm’s telecom arm and digital ventures, billionaire Mukesh Ambani is roping in investors in the retail business.