Private Equity

PE Fund Investments

Reliance Retail Ventures to raise Rs.2,070-Cr from KKR

BSE Disclosure  

Global investment firm KKR, primarily through its Asian Fund IV, will invest INR 2,069.50 crore in Reliance Retail Ventures Ltd (RRVL), a subsidiary of publicly listed Reliance Industries Ltd (RIL), at a pre-money valuation of INR 8.36 lakh crore. (The previous fund-raise of INR 47,265 crore by RRVL in 2020 from global investors was done at a pre-money equity value of INR 4.21 lakh crore.) Morgan Stanley acted as financial advisor to RRVL and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. RRVL, through its subsidiaries and associates, operates India's largest retail business serving 267 million customers with an omnichannel network of over 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion & lifestyle, and pharma consumption baskets. KKR's follow-on investment will translate into an additional equity stake of 0.25% in RRVL on a fully-diluted basis. This, combined with the existing stake from its investment of INR 5,550 crore in RRVL in 2020, will take KKR's total equity stake in RRVL to 1.42% on a fully-diluted basis. (KKR is also an investor in Jio Platforms Limited, the digital services platform of RIL.)