Reliance Industries To Sell 1.28% Stake In Retail Arm To KKR For Rs 5,550 cr
Reliance Industries said on Wednesday that the US-based investment firm KKR will buy a 1.28 % stake in its retail arm, Reliance Retail Ventures, for Rs 5,550 cr. The transaction gave Reliance Retail an equity value of Rs 4.21 lakh cr, Reliance Industries said in a regulatory filing before market hours on Wednesday.
KKR will make its investment from its Asia private equity funds, and the transaction is subject to regulatory and other customary approvals, 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," said Mukesh Ambani, chairman and managing director, Reliance Industries.