Reliance Industries sold 1.28% stake to US-based company KKR for an investment of Rs.5,550 crore.
In this deal, the price of Reliance Retail Ventures has been estimated at 4.21 lakh crores.
new Delhi:
Reliance Industries The US-based investment company is selling its 1.28 per cent stake to KKR. For kkr stake Reliance Retail Ventures (Reliance Retail Ventures) is investing Rs. 5,550 crore. Reliance Industries gave this information before the stock market opened on Wednesday. The value of Reliance Retail in this deal has been estimated at Rs 4.21 lakh crore. The penetration of Conglomerate Reliance Industries, which interferes with oil to telecom sector, is likely to strengthen the retail market after this deal.
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In a statement issued by Reliance Industries, it has been said that this is KKR’s second investment in a subsidiary of Reliance Industries. Earlier this year, he invested Rs 11,367 crore in the Jio platform.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries said in this statement, ‘I am very happy to welcome KKR as an investor in Reliance Retail Ventures. We are on the path of changing and advancing the Indian retail ecosystem for the benefit of all Indians. He said that ‘we are eager to work with KKR’s global platform, business knowhow and operational expertise in our digital services and retail business’.
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The company said that KKR will conduct this transaction with its Asia Private Equity Fund. This transaction will be under the permission of the regulator and related entities. Regulatory approvals are yet to be taken for the deal. Reliance Retail, a subsidiary of Reliance Retail Ventures, operates India’s largest and fastest growing retail business and has 64 crore people in its nearly 12,000 stores across the country. KKR co-founder and co-CEO Henry Kravis said that as more and more Indians shop online, the new commercial platform of Reliance Retail will cater to the needs of customers and small businesses.
Before that, the US-based second private equity firm Silver Lake also bought 1.75 per cent stake in Reliance Retail Ventures in the same month at an investment of 7,500 crores. Google and Facebook also recently signed deals with subsidiary ventures of Reliance Industries.
(With input from language)
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