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KKR to invest ₹5,550 cr. in Reliance Retail Ventures
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, which has been on a fund-raising spree, had earlier raised $1.02 billion from U.S. private equity firm Silver Lake Partners for its retail business.
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.