BENGALURU (Reuters) — U.S. private equity firm KKR & Co Inc will invest 55.50 billion rupees ($755.09 million) in Reliance Industries Ltd’s retail arm, giving the unit a pre-money valuation of 4.21 trillion rupees, the Indian conglomerate said on Wednesday.
KKR’s investment will translate to a 1.28% stake in Retail Ventures Ltd, according to Reliance.
Reliance, controlled by Asia’s richest man Mukesh Ambani has been looking to expand rapidly online to take on the likes of Walmart Inc’s Flipkart and Amazon.com Inc’s Indian arm. Read more…..
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US private equity firm KKR & Co will invest Rs 5,550 crore to buy a 1.28 per cent stake in Reliance Industries Ltd’s retail arm as the Mukesh Ambani-run conglomerate extends fundraising spree that has already netted more than USD 20 billion. “KKR will invest Rs 5,550 crore into Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd,” the Indian firm said in a statement.