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KKR Invests Big in Reliance Retail Ventures Limited

Global Investment Firm Backs Reliance Retail's Vision for India's Retail Sector

KKR Invests Big in Reliance Retail Ventures Limited

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Mumbai, September 11, 2023: Reliance Retail Ventures Limited, a part of Reliance Industries Limited, just got a significant investment boost from the global investment firm KKR. They’re putting in ₹2,069.50 crore into Reliance Retail Ventures Limited, which is valued at ₹8.361 lakh crore before this investment. This makes it one of the top four companies in India in terms of its value.

KKR’s latest investment means they will own an extra 0.25% of Reliance Retail Ventures Limited. Combined with their earlier investment of ₹5,550 crore in 2020, KKR’s total ownership in the company will be 1.42%. In 2020, RRVL raised ₹47,265 crore from various global investors when its value was ₹4.21 lakh crore.

Reliance Retail Ventures Limited runs India’s biggest and most profitable retail business, serving 267 million loyal customers. They have over 18,500 stores and digital commerce platforms offering groceries, consumer electronics, fashion, lifestyle, and pharmaceutical products.

RRVL’s goal is to transform India’s retail sector by serving millions of customers, helping small and medium-sized businesses, and collaborating with Indian and global companies. They want to create jobs for millions of Indians. RRVL’s New Commerce business has also helped over 3 million small merchants go digital, enabling them to provide better services to their customers.

KKR, founded in 1976, manages around $519 billion in assets. They have a history of supporting leading companies globally, especially in technology and digital transformation. They’re also investors in Jio Platforms Limited, a digital services platform and a subsidiary of Reliance Industries Limited.

Isha Mukesh Ambani, Director of Reliance Retail Ventures Limited, said, “We appreciate KKR’s continued support and belief in our vision. We look forward to working closely with KKR and benefiting from their global expertise as we transform India’s retail sector.”

Joe Bae, Co-CEO of KKR, added, “We’ve been impressed by Reliance Retail’s vision and resilience. We’re excited to continue working with them to build a more inclusive Indian retail economy.”

Gaurav Trehan, Head of Asia Pacific Private Equity and Head of India at KKR, said, “Reliance Retail is a leader and innovator in India, and we’re excited to collaborate with them for more growth.”

KKR’s investment comes from its Asian Fund IV and is subject to regulatory approvals.

Morgan Stanley provided financial advice to Reliance Retail Ventures Limited, and legal counsel was provided by Cyril Amarchand Mangaldas and Davis Polk & Wardwell.

About Reliance Industries Limited (RIL):

Reliance is India’s largest private sector company, with a consolidated revenue of INR 9,74,864 crore (US$118.6 billion). They are involved in various sectors, including hydrocarbon exploration, petroleum refining, petrochemicals, renewables, retail, and digital services.

About Reliance Retail Ventures Limited (RRVL):

RRVL operates over 18,500 stores and digital platforms across grocery, consumer electronics, fashion, lifestyle, and pharmaceuticals. They have also partnered with over 3 million merchants through their New Commerce initiative. RRVL reported a consolidated turnover of ₹260,364 crore ($31.7 billion) and a net profit of ₹9,181 crore ($1.1 billion) for the year ending March 31, 2023.

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